BankIslami to become a 100 Online Branch Network Bank by December 2008

Karachi: Saturday March 29th: BankIslami is all geared up to become a 100 Online Branch Network Bank by December 2008. This was announced at the Annual General Meeting held at a local hotel here on Saturday.

After achieving the milestone of opening 36 branches in 23 small and big cities across the country in 2007, the Bank is set to cross the 100 branches network mark by December 2008. BankIslami in its Annual General Meeting announced the financial results of the year ended December 2007. The highlights of the results presented truly showed the aggressive growth of the Bank where the Assets grew up by 358% to stand at Rs. 14.4 Billion, Deposits raised by 560% to reach at Rs. 10 Billion and the financing amount was increased by 413% to stand at Rs. 3.9 Billion. As a result of massive growth, the Bank posted a net loss of 35 million rupees. However, despite of almost three fold increase in the network, the Bank shall report a profit for the year end 2008.

BankIslami is a full fledge Islamic Bank and is represented by a renowned Shariah Board headed by Mufti Muhammad Taqi Usmani. BankIslami is pursuing its aggressive growth strategy which includes penetration in the rural and urban areas and committed to introducing value added innovative products for both corporate and consumer banking sector.