Burj Bank ‘Shariat Mein Barkat’
Burj Bank has completed the first year and a half of successful operations. This can be gauged from the fact that the Bank has been declared by JCR-VIS Credit Rating Company Limited as having maintained the medium to long-term entity rating at ‘A’ (Single A) while its Short-term rating has been upgraded from ‘A-2’ (A-Two) to ‘A-1’ (A-One).
Another important milestone achieved by Burj Bank Limited is the signing of an agreement with MasterCard to launch the country’s first Islamic Debit MasterCard card. With the Burj Bank Islamic MasterCard debit card, customers will have full access to cash and banking functions at ATMs in over 210 countries. Furthermore, the MasterCard debit card also provides the added convenience of seamlessly transacting at 33.9 million merchant locations globally, which is highly beneficial when traveling overseas. The Bank also signed a comprehensive Electronic Financial Transactions (EFT) Outsourcing Agreement with Euronet. Under this agreement, Burj Bank will utilize Euronet’s state-of-the-art,PCI DSS compliant processing platform, replacing the current in-house system. This agreement will prove to be an important milestone as Burj Bank prepares to launch Pakistan’s first MasterCard Islamic Debit Card. As part of Burj Bank’s extensive overhauling roadmap, this move would facilitate the launch of the debit card and offer new services to customers in a timely and cost-effective manner. Very recently Burj Bank Limited signed a MoU with one of the country’s top automotive brands, Honda Atlas Cars (Pakistan) Limited. The tie-up will enable both Burj Bank Limited and Honda Atlas Cars (Pakistan) Limited to leverage the inherent strengths of each other’s network, allowing their customers to avail vehicle finance services from dealer outlets of Honda Atlas and branches of Burj Bank.
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 mein 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.
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 standards 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 52 online branches with about 25 more branches expected to open in 2012. Defining values: Values that define the culture, business, processes and the people. Purity –The finest of dealings done with complete transparency Purity encompasses essential business values for Islamic banking such as purity of return and truthfulness of character/actions. Integrity – Sincerity is the root of Burj Bank’s strength Integrity is the essential value of banking, particularly Islamic Banking. It reflects honesty and clarity within the communication, processes and business dealings of Burj Bank.
Progressive values: Values that will take Burj Bank forward and reflect an enduring commitment to growth and progress.
Passion – An enduring spirit to discover new horizons Passion reflects a winning attitude, an obsession with the profession and delivery of highest levels of customer services with an overwhelming desire to strive towards excellence. Devotion – A commitment to go beyond limits. Devotion indicates the need for hard work, consistency, perseverance and a commitment towards the organization, customers and all stakeholders. Burj Bank is committed to providing superior product offerings in a Shari’ah-compliant environment to all its customers.
Overview of Retail Burj Current Account is based on the Islamic principle of Qard, whereby the bank is liable to pay back your money on demand and invest it in purely Shari’ah-compliant avenues. Burj PLS Saving Account offers attractive profit rates, allowing the customer to make transactions on his account without any limits. Burj Term Deposit Certificates offer the most attractive profit rates over a longer period of time to reap handsome income every month in Halal manner. Burj Banca Takaful allows you to save and protect your family’s future with a Takaful plan that is compliant to your beliefs and principles. Burj Carsaaz Car Financing is the fastest and most convenient car financing facility to make you the owner of a car in a matter of minutes and in a Shari’ah-compliant manner. Burj Business Account allows you to enjoy various free of charge banking services and the liberty to make unlimited transactions whenever required. Burj Monthly Income Account is the best solution for those who are interested in saving their hardearned money and reaping a handsome income every month in a Halal manner. Burj Smart Saving is a unique Shari’ahcompliant savings account that gives you Halal profit on your savings and the freedom to make unlimited transactions. Overview of Corporate Products Murabaha Financing Against Procurement of Local and Imported Goods Murabaha is an Islamic mode of financing for procurement of business inventories and other goods of capital nature. Murabaha in short is a Sale-Purchase transaction. The word Murabaha is derived from the Arabic word “Bai” which literally means “Sale”.
Murabaha-Cum-Modaraba (Local Bill Discounting) Murabaha-cum-Modaraba is used to finance the credit sales of locally manufactured goods by the customers. The product is specifically designed to meet the working capital requirement of the company. Istisna’a Istisna’a is a Shari’ah mode of financing widely used to finance the construction and manufacturing sectors. The Arabic word “Istisna’a” means “asking someone to manufacture”. Istisna’a may further be defined and elaborated as a sale contract between the seller and the buyer for the sale of an asset described in the sale contract and transacted before it comes into existence.
Diminishing Musharaka Plant/Machinery/Equipment/Factory Building Diminishing Musharaka is extended for procurement of fixed assets by the customers including Plant, Machinery/Equipment, Land and Building, etc. The bank and the customer enter in joint ownership of the assets for which financing is required. The customer pays rental to the bank on the bank’s share while separately purchasing the bank’s share in equal units at pre-agreed frequency.
Ijarah Financing Equipment/Machinery/Vehicle/Housing Ijarah is an Islamic mode of leasing and can be used for assets that are not consumed while they are in use, for instance, house, vehicle, equipment/machinery or any other tangible asset.
Burj Bank Cash Management Cash Management comprises an array of innovative, tailored and comprehensive Shari’ah-compliant services and solutions, which provide valued customers with end-to-end cash flow management in the most efficient and effective manner. Cash Management comprises the following broad areas:
Collections/Receivable Management Payments/Payable Management Account Structuring
State-of-the art Electronic/Internet Banking.