Bank Islami
Bank Islami
Bank Islami
It was the first Islamic commercial bank to receive the Islamic banking license
under the Islamic banking policy of 2003 from State Bank of Pakistan on March
31, 2005. The bank started its operations from 7 April 2006 and offers shariah
compliant retail banking, investment banking, consumer banking and trade
finance products. The bank intends to focus on wealth management as the core
area of business and plans to soon launch proprietary products, and integrated
financial planning services.
The bank has a nationwide presence, its branch network consists of 213
branches and sub branches spread over 80 cities of Pakistan. Bank Islami is now
the 11th largest banking network in the country with 317 branches in 93 cities
nationwide. The idea of Bank Islami was conceptualized by Jahangir Siddiqui
& Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgrami
was appointed as adviser to the sponsors on 16 March 2004 to formalize the
idea. He presented the concept paper of Bank Islami to sponsors on 24 March
2004. A detailed business plan was then prepared and a formal application was
submitted to the State Bank of Pakistan on 26 May 2004. On 26 September
2005, Dubai Bank joined the sponsors and became one of the founding
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Bank Islami Pakistan Limited was the first bank to receive the Islamic banking
license under the Islamic banking policy of 2003 on 31 March 2005. The bank
envisioned to focus primarily on wealth management as the core area of
business in addition to shariah compliant retail banking products, Proprietary
and Third party products, and Integrated financial planning service.
Bank Islami Pakistan Limited made a public offering of Rs. 400 million, at par,
from 6 to 8 March 2006. This was the first primary issue by a bank in over a
decade in Pakistan. The initial public offering (IPO) of Bank Islami received
overwhelming response from the general public as the applications received
were nine times higher than offered, fetching nearly Rs. 3.5 billion, against the
demand of Rs. 400 million.
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Sponsors
Randeree family.
Mr. Ahmed Goolam Muhammad Randeree and Mr. Shabbir Ahmed Randeree
are the sponsors of Bank Islami in their personal capacity.
The history of the modern Randeree family can be traced back to Jersey (in 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 Financial 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 US, 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 consist of various niche
holdings internationally, including a stake in Dallah Albaraka Bank Limited in
South Africa which was formed in 1989.
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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 concerns were founding investors in the Islamic Bank of
Asia in Singapore, with DBS Development Bank of Singapore as the principle
promoter.
The bank offers a full range of products and services through its corporate and
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
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due to its previous joint venture with Bear Stearns. 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
Pakistan Stock Exchange.
Credit rating
The bank is assigned a long term entity of "A" and short term rating of "A-1" by
Pakistan Credit Rating Agency Limited (PACRA), reflecting Bank Islami's
well-conceived business strategy and establishment of effective operating
platform by the bank to execute the business strategy
Brand image
Bank Islami has been able to build a strong image by using smart marketing
ideas that resonate well with the public mind. For example, the calligraphy of
the bank's name in Urdu has been done by the same calligrapher Shafiq uz
Zaman who has been working in the Holy Mosque of Medina in Saudi Arabia.
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regulator is required to complete its restructuring in order to protect the
investors' interest.[2]
Initially, some four banks including JS Bank, Askari Bank, Bank Islami and
Sindh Bank were intending to acquire KASB Bank operations and approached
SBP to get NoC for due diligence of KASB for proposed acquisition. However,
now SBP has selected Bank Islami for amalgamation of KASB Bank.
KASB Bank has been facing severe capital shortfall in terms of both minimum
capital requirement (MCR) and capital adequacy ratio (CAR) since 2009. As of
30 September 2014 the bank's MCR (free of losses) was in the amount of Rs
0.958 billion with a CAR of negative 4.63 percent against the required levels of
Rs 10 billion and 10 percent, respectively.
On 7 May 2015 KASB Bank merged with Bank Islami Pakistan Limited with
its branch network of 104 which made Bank Islami a bank of 317 branches in
93 cities.
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Bank Islami Pakistan
Retail banking
Products
consumer banking
investment banking
trade financing
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ACCOUNTS OF BANK
The Islamic Sahulat Account offers you the following key salient features:
HOW IT WORKS
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
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The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
DOCUMENTS
he documents required vary with the customer category as follows:
Features
Our Islami Bachat account is a bundle of benefits. It helps you keep up with
your tradition of savings with the convenience and safety of a professional and
understanding bank. Also, you earn highly attractive profits on your savings
with the flexibility of making as many transactions on your account as you
want.
Islami Bachat Account is ideal for customers who need to draw money for
monthly expenses but would also like to earn on your hard earned savings.
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Corporate Employers can also avail this account to provide convenience,
flexibility and halal profits to their employees by opening their salary accounts
with us.
The Islami Bachat Account offers you the following key salient features:
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
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In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of each month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
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DOCUMENTS
The documents required vary with the customer category as follows:
Sole Proprietors
Filled Account Opening Form
Computerized National Identity Card (CNIC)
Passport (for Non-residents only)
NTN Certificate
Partnership/Club/Society/Association/NGO/Trust
Certified Copy of Partnership/ Trust Deed
Certificate of Registration
Signatures of all Partners on letter of Partnership
Certified copy of rules
Certified copy of resolution
Copy of by-laws
Copy of NTN Certificate
CNICs of all Partners
Passports (for Non-residents only)
Limited Company
Certificate of Incorporation
Certificate for Commencement of Business (PLC only)
Memorandum of Association
Articles of Association
Current list of Directors
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Copy of Board Resolution
CNICs of all Directors
Copy of NTN Certificate and Form 29
Features
With our Islami Current Account, you can have complete peace of mind that
your funds are safe and utilized in Halal avenues only. Islami Current Account
is ideal for customers who have frequent transaction needs and require
unlimited access to their account to meet their personal or business expenses.
Also, you have access to our entire online network of for convenience of instant
and secure intercity transactions. So enjoy full control over your funds in a
Shariah compliant manner.
The Islami Current Account offers you the following Key salient features:
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Hold mail and Stop payment facility
Safe deposit lockers (subject to availability)
How It Works
BankIslami's Islami current account is based on the Islamic principle of Qarz
(loan) whereby you are the lender and the Bank is the borrower. These funds are
invested in halal business ventures only so that you are 100% sure that your
funds are managed in a Shariah compliant manner. The funds are payable to you
on demand as and when required with neither any addition nor penalty.
Documents
The documents required vary with the customer category as follows:
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CNICs of all Partners
Passports (for Non-residents only)
Limited Company
Certificate of Incorporation
Certificate for Commencement of Business (PLC only)
Memorandum of Association
Articles of Association
Current list of Directors
Copy of Board Resolution
CNICs of all Directors
Copy of NTN Certificate and Form 29
Features
Islami Asaan Account is a No minimum Balance account available in the
following Variants:
Current
Bachat/ Saving
Sahulat
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Bank Islami with its aim of Serving You the Right Way provides the facility of
opening Asaan Account in Sahulat Variant. The customers with this variant can
enjoy added benefits on the minimum balance of PKR 25,000/-
How it Works
Islami Asaan Account aims to provide customers with a less documentation
procedures and hassle free solution.
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
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In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
Documents
The customers need to just submit his/her CNIC/ SNIC
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6. ISLAMI MAHANA MUNAFA ACCOUNTS
Features
Long term investments yield high returns but delayed profit payment. With our
Islami Mahana Munafa Account you don't compromise on any. Now you can
enjoy the freedom of halal monthly gains for a prosperous present while
building your wealth for a secure future. Also, Islami Mahana Munafa Account
will provide you with security, convenience and flexibility of investment tenure
to suit your needs.
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How It Works
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
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Documents
The documents required vary with the customer category as follows:
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CNICs of all Directors
Copy of NTN Certificate and Form 29
Features
Now you can enjoy Halal profits on maturity with the Islami Amdani
Certificates. It is a Mudarabah based product which allows you to earn the best
profit rates through the investments made by our experts. Islami Amdani
Certficate will provide you with security, convenience and flexibility of
investment tenure to suit your needs.
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How It Works
Bank Islami's Islami Amadni Certificate is a profit bearing account developed
on the basis of the modes of Mudarabah. This is how it works:
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
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DOCUMENT
The documents required vary with the customer category as follows:
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CNICs of all Directors
Copy of NTN Certificate and Form 29
Features
The Islami Dollar Bachat account is ideal for individuals and businesses who
are eager to save in US Dollar. This saving scheme is both for Residents and
Non residents who need to either save in US Dollars or remit money from or
abroad for personal or business transactions. The Islami Dollar Bachat account
is a profit/loss bearing account in USD based on the principle of Mudaraba
where the Bank invests your funds in a Shariah compliant manner. The profit
and loss from the investment is then shared between you and the Bank.
The Islami Dollar Bachat Account offers you the following key salient features:
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How It Works
Bank Islami's Islami Dollar Bachat account is a profit bearing account
developed on the basis of the modes of Mudarabah. This is how it works:
You provide funds to the Bank on Mudaraba basis for investment in the
Bank’s Shariah Compliant Assets
In this arrangement, you will function as a Rabbul Maal (investor in
Mudaraba) and the Bank will act as the Mudarib (Manager of the
Mudaraba)
The Bank will form a pool of customers’ funds
The pool provides financings to various individuals, corporate,
government and other entities based on various Islamic modes of finance
such as Murabaha, Ijarah, Musharakah, Mudaraba and other modes and
would generate income
The Bank will calculate income from the pool on a monthly basis. This
income will be shared between the Bank and the Depositors as per a pre
agreed profit sharing ratio
The profit share of the Bank is called the Mudarib's share. This profit
sharing ratio between the Bank and the Depositors is determined at the
beginning of the month
The profit share of the depositors is based on the predetermined
weightages assigned at the beginning of the month. A weightage based
profit distribution mechanism ensures that the return paid to any
Customer in a Profit & Loss sharing contract is proportionate to the risk
taken
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In the case of a loss, as per the rules of Mudaraba, the loss will be borne
solely by the Rabbul Maal. The loss will be distributed between various
categories of customers on a pro rata basis. Bank also suffers loss as no
income is generated against its efforts
Documents
The documents required vary with the customer category as follows:
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Memorandum of Association
Articles of Association
Current list of Directors
Copy of Board Resolution
CNICs of all Directors
Copy of NTN Certificate and Form 29
Features
Bank Islami Islami Foreign Currency account is ideal for businesses and
individuals who would like to diversify their investment in different currencies
to ensure security against currency fluctuations or want to keep foreign currency
account to meet their business needs. Also, you can have easy access to foreign
currency with no hassles of foreign exchange conversion when you have to
travel abroad or remit funds abroad to meet education, leisure or business needs.
How It Works
Bank Islami's Islami foreign currency account is based on the Islamic principle
of Qarz (loan) whereby you are the lender and the Bank is the borrower. These
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funds are invested in halal business ventures only so that you are 100% sure that
your funds are managed in a Shariah compliant manner. The funds are payable
to you on demand as and when required with neither any addition nor penalty.
Documents
The documents required vary with the customer category as follows:
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Articles of Association
Current list of Directors
Copy of Board Resolution
CNICs of all Directors
Copy of NTN Certificate and Form 29
LOCKERS SERVICES
Features
Let us make this world safer and secure for you and your family. Our Safe
Deposit Locker facility enables you to store your valuables in strong heat
resistant steel lockers with 24 hour security. Be it jewellery, passports, share
certificates or title deeds, you can rest assured that your valuables are not prone
to loss, fire or theft. You can also nominate/authorize your dear and loved ones
to operate the Locker. Now you can live a carefree & stress free life while we
take care of your valuables while retaining your privacy.
Following are the key benifits that you will get out of using safe deposit locker
facility
Eligibility
SERVICES STANDARD
1 AOF – Timeliness Khi Branches - 1 Day, Khi Sub Branches & Upcountry Branches -
2 Days,
Upcountry Sub Branches - 3 Days, Remote Branches (Baluchistan)
- 4 Days
4 Letter Of Thanks Cheque Book Request to be entered in the system by the branch on
Generation the same day of account opening in the system
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S.N ISM (Internal
TAT / TARGET
o Service Measure)
9 ATM Machine Up Cheque Book to be dispatched to the branch within 2 working days
time
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S.N ISM (Internal
TAT / TARGET
o Service Measure)
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LOAN FACILITIES
Features
Just point your finger at the Bungalow or Apartment of your choice and we'll
help you buy it.
Financing 2 to 25 years
Tenure
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● If above 10% outstanding
balance is paid, additional units
will be sold at 2.5% higher value
if paid within 2nd and 3rd Year of
disbursement.
● If above 10% outstanding
balance is paid, additional units
will be sold at 1.5% higher value
if paid within 4th and 5th Year of
disbursement.
● After 5th Year = NIL
The share of the bank is then leased to you on the basis of Ijarah and is divided
into a number of units. It is then agreed that you will buy the units of the bank
periodically, thereby increasing your own share till all the units of the Bank are
purchased by you which will make you the sole owner of the property.
Till that time, you pay the Bank rent for its units leased to you. The rent keeps
on decreasing as your ownership in the property increases and that of the Bank
decreases.
Benefits:
Quick Processing
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Financing up to 50% to 70% of the value of the property
Financing limit Rs. 150 Million
Tenor up to 25 years
Flexibility to make partial prepayments
Flexible & Affordable installments
Clubbing of family income
No Negative Area
Features
Plan your's child education, your daughter's wedding or your own retirement,
Bank Islami provides you a golden opportunity to invest.
Now you can protect your family's future with Bank Islami Takaful plan that is
compliant to your beliefs and principles.
5) SAVING PLAN
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ACCOUNTS SERVICE
Bank Islami offers all basic banking services to suit your routine business
needs.
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TRADE SERVICE
Bank Islami offers a wide range of export and import services designed to assist
you in building on your strengths, so that your company can seize new business
opportunities around the world. These include:
Bank Guarantee
Services for Exporters
Export Bills for Collection
L/C Advising & Confirmation services
Islamic Export Refinance facility
Financing against Export Sight and Usance Bills (Shariah-
compliant alternative for Bill Discounting)
Pre-Shipment and Post-Shipment financing on Islamic modes of
financing
Services for Importers
Letter of Credit
Import Financing (by way of Murabaha/Ijarah)
AGRI FINAINCING
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Takaful / Insurance cover of the Asset will be done by the bank
Requirements
CREDIT STANDING
Entiry Rating of Bank Islami Pakistan Limited Issued by PACRA Dated
October 08, 2019
Long Term A+
Short Term A1
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