In February 2007, a globally recognized authentic Islamic Commercial Bank commenced its operations and was named as Emirate Global Islamic Bank Limited, shortly it is known as EGIBL. The bank was integrated in Pakistan and the leading investors from Saudi Arabia and United Arab Emirates sponsored the bank.
By offering Riba–free, the bank desires to be recognized as an icon in Islamic banking. Riba-free is among the extremely viable product in banking on which the teachings of Quran and Sunnah are based. The bank believes in providing an optimistic contribution to humanity by incessantly determined Halal alternatives to conformist banking products, which is appreciated with superior service and avant-garde technology. The bank has made all possible efforts to facilitate its consumer by upgrading all their valuable products in promising ways. The bank with a successful career has launched more than ten branches in Pakistan from which five are inaugurated in Karachi, 2 are in Lahore and 1 each in Peshawar, Quetta and Gujranwala, while it aim’s to launch almost 25 branches till 2008.
To achieve a share of 12% of the banking industry by 2012, Islamic Banking is predicted to grow swiftly in Pakistan. On the Global financial scene Islamic banking is rising as a most important inclination. The bank presently stands at estimated revenue of about US$300 billion. It has accomplished high quality products that benefits both Muslims and non-Muslims. EGIBL determines to extend the reach of Islamic banking in Pakistan and thereafter worldwide. The bank is sponsored by such leading investors who are devoted to promote Islamic Banking. Emirates Investment Group (EIG) is the sponsoring share holder of the bank with head quarters in Sharjah. UAE is known to be the chief of all investment companies who has premeditated reserves in the financial service sector and property development in the Asia Pacific and Middle East regions.
The Chairman and co-founder of Emirates Investments Group is the member from the ruling family of Sharjah known as Shiekh Tariq Bin Faisal Al Qassimi. Al Rajhi family of Saudi Arabia is the major shareholder of Emirates Global Islamic Bank Limited. This group is also in the Al Rajhi Bank of Saudi, which is the largest Islamic bank in the world with assets over SAR 100 Billion. Well the bank vision is to promote Islamic Banking not only is Islamic countries but also world wide and has already proved itself in a short span of time.
