Al Baraka (Pakistan) Limited (ABPL) () is a Pakistani Islamic bank headquartered in

Karachi Karachi is the capital city of the Administrative units of Pakistan, province of Sindh, Pakistan. It is the List of cities in Pakistan by population, largest city in Pakistan and 12th List of largest cities, largest in the world, with a popul ...

. It is a subsidiary of the Al Baraka Banking Group, a Bahrain-based Islamic banking group.

History

Al Baraka Islamic Bank was initially established in Pakistan in 1991 as Al Baraka Islamic Bank (AIB) Bahrain, and later incorporated as a public limited company in December 2004, receiving its Islamic banking license in 2007. In October 2010, Al Baraka Bank (Pakistan) merged with Emirates Global Islamic Bank (Pakistan), with the latter being renamed as Al Baraka Bank (Pakistan) Limited. It was the first merger in the

Islamic Banking Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...

sector of

Pakistan Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...

. The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1 November 2010, the operations of the merged entity began. The second merger took place in 2016 with Burj Bank Ltd. As of September 2016, the Bank has a national presence in Pakistan with a network of 191 branches in more than 97 cities across the country.

References

{{DEFAULTSORT:Al Baraka Bank Islamic banks of Pakistan Pakistani subsidiaries of foreign companies Privately held companies of Pakistan