Al Baraka Bank Pakistan
Al Baraka Limited is a Pakistani Islamic bank headquartered in Karachi. 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 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 merged with Emirates Global Islamic Bank, with the latter being renamed as Al Baraka Bank Limited. It was the first merger in the Islamic Banking sector of Pakistan. The merger took place between the branch operations of Al Baraka Islamic Bank Bahrain, Al Baraka Islamic Bank Pakistan and Emirates Global Islamic Bank, 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.