Burj Bank Limited, formerly known as Dawood Islamic Bank Limited (DIBL), was an Islamic bank based in Karachi. In 2016, it was merged into
Al Baraka Bank,
History
Burj Bank received its license from the
State Bank of Pakistan
The State Bank of Pakistan (SBP) is the central bank of Pakistan. Its Constitution, as originally laid down in the State Bank of Pakistan Order 1948, remained basically unchanged until 1 January 1974, when the bank was nationalised and the scope ...
in May 2006, and officially commenced operations on Friday, April 27, 2007.
The bank was the result of an initiative of the First Dawood Group, with the Islamic Corporation for the Development of the Private Sector (ICD) in Jeddah, Unicorn Investment Bank in Bahrain, Al Safat Investment Company in Kuwait, Gargash Enterprises (LLC) in Dubai, the Singapore-based entrepreneur Azam Essof Kolia and Shaikh Abdullah Mohammad Al-Romaizan, an entrepreneur from the Kingdom of Saudi Arabia. In July 2011, the bank was renamed Burj Bank.
Burj Bank merged in 2016 into the Al Baraka Bank in 2016, which had assets of more than $1.1b after the merger.
References
External links
Official website
Islamic banks of Pakistan
Defunct banks of Pakistan
Banks disestablished in 2016
Mergers and acquisitions of Pakistani companies
Pakistani companies disestablished in 2016
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