Burj Bank ‘Shariat Mein Barkat’

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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

Liq­uid­ity Man­age­ment

State-of-the art Elec­tronic/In­ter­net Bank­ing.

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