The Is­lamic Bank of Choice

Enterprise - - 10 -

With a vi­sion to be “the Is­lamic bank of choice” and a mis­sion “to pro­vide in­no­va­tive and ef­fi­cient Is­lamic bank­ing so­lu­tions to ex­ceed cus­tomer ex­pec­ta­tions and op­ti­mize share­holder value”, Burj Bank has emerged as a dy­namic new player on the bank­ing hori­zon in Pak­istan. It pur­sues an am­bi­tion of reach­ing new heights and achiev­ing dis­tinc­tion in Is­lamic Bank­ing by be­com­ing a sym­bol of pros­per­ity, progress and suc­cess. This am­bi­tion is also re­flected in the name “Burj” which it­self con­notes height.

The Bank’s op­er­a­tional vi­sion is typ­i­fied by the maxim ‘ Shariat main Barkat’. It of­fers a di­ver­si­fied range of Shari’ah- com­pli­ant funded and non- funded prod­ucts and ser­vices aimed at both in­di­vid­ual and cor­po­rate cus­tomers. The bank also of­fers in­vest­ment and cor­po­rate ad­vi­sory ser­vices. The bank has a Shari’ah Board headed by Prof. Mufti Mu­nib- Ur- Rehman who is the bank’s Shari’ah ad­vi­sor.

For Burj Bank, 2011 seems to have been a year of re­newal in many ways, with the bank ac­quir­ing a new iden­tity and a new man­age­ment team af­ter the main share­hold­ers in­jected Rs. 1.8 bil­lion in June 2011. The bank’s de­posits grew by close to 60 per­cent from Rs. 12.6 bil­lion in De­cem­ber 2010 to Rs. 20 bil­lion in De­cem­ber 2011. Be­sides in­sti­tu­tional clients, most of this de­posit growth came from a large num­ber of small busi­nesses and re­tail de­pos­i­tors. The bank turned in a profit of about Rs. 43 mil­lion dur­ing the first nine months of 2011 and is ex­pected to an­nounce a size­able profit for the whole year.

Burj Bank has a rich Mid­dle East­ern back­ground and the fi­nan­cial and tech­ni­cal sup­port of a great in­sti­tu­tion such as ICD Jeddah (Is­lamic Cor­po­ra­tion for De­vel­op­ment of the Pri­vate Sec­tor) which is a group Com­pany of Is­lamic De­vel­op­ment Bank, Jeddah. ICD is work­ing for eco­nomic de­vel­op­ment and so­cial progress in var­i­ous Mus­lim coun­tries by in­vest­ing in the pri­vate sec­tor. Other ma­jor share­hold­ers in­clude Bank Al-khair from Bahrain, Gar­gash En­ter­prises from the UAE and Al-ro­maizan from Saudi Ara­bia. This strong back­ground gives Burj Bank ex­cep­tional fi­nan­cial strength and ab­so­lute cred­i­bil­ity.

Burj Bank is the first dou­ble Aa-rated Bank for Shari’ah Qual­ity in Pak­istan. This rat­ing has been as­signed by the Is­lamic In­ter­na­tional Rat­ing Agency, Bahrain and en­dorses the high­est lev­els of Shari’ah com­pli­ance at the Bank. It is a unique Is­lamic Bank that pro­vides the ser­vice stan­dard of an in­ter­na­tional bank while lead­ing cus­tomers to the blessed path of suc­cess. Op­er­at­ing un­der the su­per­vi­sion of em­i­nent Is­lamic ju­rispru­dents, the Bank be­lieves that only Shari’ah is the true path to pros­per­ity.

Burj Bank has man­aged to be­come one of the prin­ci­pal bankers for some huge clients such as the Si­tara Group, HUBCO, En­gro, Sui North­ern, Sui South­ern, Gulis­tan Group, Haier Ruba Group and many more. The bank cur­rently has 50 on­line branches with about 25 more branches ex­pected to open in the 2012.

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