Pakistan has been operating a variety of banking system and from that Burj Bank Limited is the one, it was previously known as Dawood Islamic Bank Limited (DIBL). As Pakistan is an Islamic country its banking system must go behind the strict Islamic Principles, so this bank is full fledge Islamic bank and is recognized as the 6th Islamic Commercial Bank. In 26th May, State Bank of Pakistan issued a license to the bank to establish its organization. Then in a little while the bank commenced its operations on Friday, April 27, 2007. Its head quarter is in Karachi, Pakistan.
The bank was the venture of First Dawood Group and then started to improve the private sector in Jeddah with the help of Islamic Company, it opened Unicorn Investment Bank in Bahrain, introduced Al Safat Investment Bank in Kuwait, Gargash Enterprises in UAE by the Singapore based industrialist Azam Essof Kolia and Sheikh Abdullah Muhammad Al Romaizan, an industrialist from the realm of Saudi Arabia. The bank was renamed as Burj Bank in July 2011. The bank has 20 online branches.
The bank’s estimated revenue in 2009 was about PKR 1,188 million and net income was about PKR 292.63 million. The Shariah Department of the bank is directed by Professor Mufti Munib-Ur-Rehman and other bank Shariah advisors. Bank offers both funded and non-funded products and services to the customers and the products follow the strict principles of Shariah. More over the bank provides investment and corporate advisory services. The bank gives deposit, takaful and financing products which includes Burj Business Account, Burj Monthly Income Account, Banca Takaful, Burj Smart Saving, Burj Current Account, Burj Term Deposit Certificates, Burj PLS Saving Account, Burj Carsaaz, Fleet financing and Burj Home Musharakah. Exportable fresh finished goods were first introduced in Pakistan by Burj Bank, which was to provide finance to the manufacturers.
Bank guarantees Al Kafalah which means surety ship; it is defined as a contract which combines one’s Zimmah (Liability) with another person’s Zimmah. The Al Kafalah which bank promises includes Performance grantee, Tender Deposit grantee, Gurantees for Advance Payment Mobilization, Security Deposit Gurantee, Gurantee for Payment of Dues, Loan Repayment Financial Gurantee, Open Ended Gurntee and Gurantees Expressed in Foreign Currency. World financial magazine quoted it the best Islamic Bank. The president and CEO of Burj Bank Limited is Ahmed Khizer Khan. Burj Bank official website is www.burjbankltd.com.
My daughter asked for car finance from your Bahadurabad Branch, Karachi. After signing papers, she was told to deposit 10,000/- with a car dealer. Thereafter, the lady clerk/officer handling the case took away the file and has not done anything further. My daughter has made a number of visits to the branch but to no avail. The manager showed his helplessness by saying that he can do nothing in the matter. Could you please help. Thanks.