The Islamic Bank of Choice
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.