BankIslami is a joint venture among three financially sound and progressive shareholders, namely, Randeree family, Dubai Bank and Jahangir Siddiqui & Co. Ltd. Please click on the following for details of our Sponsors:
Mr. Ahmed Goolam Mahomed Randeree & Mr. Shabbir Ahmed Randeree are the sponsors of BankIslami in their personal capacity.
The history of the modern Randeree family can be traced back to Jersey ( The Channel Islands ) in 1975. After three decades of trading, today the family concern has its Family Investment office based out of the DIFC (Dubai International Finance Centre) with its operations extending to London, New York and Dubai.
The Randeree family's core business activities are concentrated in the Real Estate and Banking sectors. The Real Estate division of the Randeree family concentrates on enhancing and delivering long-term gains for the family concern and its Partners internationally. The family concern has built its track-record primarily in the UK and USA, then spread to the Middle East and a select number of Far East and African destinations. Over the past three decades, the family concern's real estate investments have produced a consistent, attractive IRR.
The family concern takes a proactive hands-on Asset Management role and is responsible as a managing partner for all or a portion of the equity required in any given transaction. As of June 2007, the total value of properties owned and/or managed by the Randeree family, was in excess of US $3.0 Billion.
The Randeree family's interests in the Banking sector comprise of various niche holdings internationally, including a stake in Dallah Albaraka Bank Limited in South Africa which was formed in 1989 .
More recently, the family concern played a pioneering role with QIIB (Qatar International Islamic Bank) in the formation of the Islamic Bank of Britain PLC (IBB) and retains its shareholding in the Bank. It also remains a founding shareholder in the European Islamic Investment Bank PLC (EIIB), which raised approximately 200 million pound, pre and post listing on the LSE.
In 2007, the family concern were founding investors in The Islamic Bank of Asia in Singapore, with DBS Development Bank of Singapore as the principle promoter.
Dubai Bank PJSC
Dubai Bank PJSC is an Islamic bank based in Dubai, U.A.E. It commenced operations in September 2002 as a conventional Bank. However, on January 1, 2007, it converted into Shari’ah compliant financial institution with a focus on the UAE’s Islamic banking sector.
The Bank offers a full range of products and services through its Corporate & Consumer Banking divisions. These include transaction and deposit accounts, financing, trade finance, and wealth management services as well as a host of other unique Banking services.
Dubai Bank was part of the Dubai Group, a Dubai Holdings company, with shareholding of Emaar Properties as well. However, in May 2011, Government of Dubai took over the Bank and in October 2011 it was acquired by Emirates NBD.
Jahangir Siddiqui & Co. Ltd. ("JSCL") is the holding company for one of the largest and most diversified financial services groups in Pakistan, involved in investment Banking, broker-dealer operations, proprietary trading, insurance, Banking and asset management. The Company was established in 1991 and was the first Pakistani financial services company to boast a Wall Street pedigree due to its previous joint venture with Bear Stearns and Co. It is also the only securities company to be a primary dealer for Government securities in Pakistan and is one of the largest bond trading firms in Pakistan. JSCL is a listed company on the Karachi Stock Exchange.
JSCL subsidiaries include JS Global Capital Ltd, JS Bank., and JS-Investment Ltd. JSCL also has holdings in the sugar, sugar derivatives, specialty textile, specialty steels and insurance sectors through significant minority holding in leading companies in these sectors. These strategic investments and associated companies include, EFU General Insurance, EFU Life Assurance, Allianz EFU Heath Insurance, Azgard Nine and Al Abbas Sugar Mills amongst others.