KARACHI, July 18, 2007. BankIslami has reached an agreement to purchase 100 per cent shareholding in JS Finance Ltd, a modaraba management company, from Mr. Jahangir Siddiqui and DCD Investment Ltd. The State Bank had granted approval to this deal.
BankIslami is a joint venture between Dubai Bank, DCD Group of UK and Jahangir Siddiqui and Company Limited with each owning 18.75% of the Bank. There has been no change in the ownership of BankIslami after the acquisition of JS Finance Ltd.
JS Finance is a registered Modaraba Management Company licensed by the Securities and Exchange Commission of Pakistan. The company has one modaraba under its management, Modaraba Al Mali which is the listed on the Karachi Stock Exchange.