#Pakistan's Summit Bank eyes Burj Bank for #Islamic #banking entry
Summit Bank has received approval from Pakistan's central bank to conduct due diligence on Burj Bank. Burj Bank held 4.4 billion rupees ($42 mn) in paid up capital as of December, compared with the regulatory minimum of 10 billion rupees. Burj Bank said it had shortlisted three financial institutions to conduct due diligence on a non-exclusive basis. It also received an extension from the central bank to meet the mimimum capital requirement until June 30.
Syndicate
