BankIs­lami signs deal with Citibank

The Pak Banker - - Company& -

KARACHI: Ban­kl­slami has signed first of its kind deal to ac­quire Citibank Pak­istan's house fi­nanc­ing port­fo­lio amount­ing to Rs 953 mil­lion.

Ac­cord­ing to an an­nounce­ment at KSE here on Tues­day, this is the first time a bank has acquired mort­gage as­sets of an­other bank. It is ex­pected that this trans­ac­tion will open door for other sim­i­lar trans­ac­tions en­abling banks to ac­quire en­tire busi­ness or prod­uct lines.

The added sig­nif­i­cance of the trans­ac­tion is that this is the first time an Is­lamic bank has acquired busi­ness of a con­ven­tional bank.

The trans­ac­tion will be viewed closely by Is­lamic banks and reg­u­la­tors around the world, as glob­ally Is­lamic bank­ing in­dus­try is more liq­uid than its con­ven­tional coun­ter­parts, thereby cre­at­ing an al­ter­nate route of de­ploy­ment of liq­uid­ity and fur­ther ac­cel­er­at­ing the growth of in­dus­try. -PB News

IS­LAM­ABAD: Fed­eral Min­is­ter for Petroleum Syed Naveed Qa­mar giv­ing away shares to em­ploy­ees of Sui North­ern Gas Pipe­line Ltd. dur­ing a cer­e­mony at Con­ven­tion Cen­ter. -App

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