ISLAMABAD: In a bid to raise its capital to Rs10 billion by the end of this year to meet central bank’s requirements, the Bank Islami Pakistan (BIP) is awaiting regulatory approval to issue shares worth Rs4.3 billion.
The BIP aims to raise its capital while keeping pace with double-digit growth in its financing book.
As per the bank’s result, it held Rs102.9 billion in assets with a 26.6 percent growth against the corresponding period of last year, with a total net financing up 31.4pc during the same period, according to bank financials.
The bank has the second largest network of Islamic branches in the country, and plans to open a total of 12 branches this year, down from the 60 it opened in 2013.
Bank Islami was launched in 2005 and backed by local investors and Dubai Bank, which is currently listed as its largest shareholder with a 24.8pc stake. Dubai Bank was acquired by Emirates NBD in 2011.
