Jahangir Siddiqui, Company Limited, and the Randeree family were the ones to establish the Bank under the name BankIslami in 2003. It was made official by Mr. Hasan A. Bilgrami, later appointed as Adviser to the sponsors on March 16, 2004, with the plans being and the plans presented to the State Bank of Pakistan on May 26, 2004. Dubai Bank joined as one of the shareholders as well as a sponsor for the Bank with an investment of 18.75% in total Capital.
The Bank was established as an Islamic Commerical Bank in Pakistan after receiving a No Objection Certificate on August 18, 2004, by the State Bank of Pakistan. Receiving the Islamic Banking license BankIslami was the first Bank to obtain it under the Islamic Banking policy as of 2003 on March 31, 2005. The Bank imaginedaimingmainly on Wealth Management as the fundamentalpart of the business in addition to Shariah-compliant Retail Banking products, Exclusive and Third-party products, and Integrated financial planning services. Operations for the bank started on 2006-April-7th in the city of Karachi. The bank boasts around 330 branches in 144 cities around the country.
Banks have become a necessity in modern-day society, it provides ease of access and opportunities for those that a seeking, maybe to start a business, buy a home, have their very own car or to rest easy knowing the life savings they have worked so hard to acquire will always be protected.
They not only provide safety and security but also open a realm of new possibilities for those willing.