BankIslami signs deal with Citibank
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