IslamicFinance.de

#Pakistan's Silk Bank plans to expand its Islamic banking business amid growing demand for Shariah-compliant financial products in the country. The State Bank of Pakistan has given approval to the bank for opening of 20 Islamic and 15 conventional branches this year. Silk Bank CEO Shaukat Tarin said the bank was going to reduce the size of corporate banking, but increase consumer and SME segments. The bank’s consumer banking portfolio continued to grow, while its non-performing loans fell by Rs10 billion in January-June 2017. The bank also made its commitment to revive the mortgage business in the current low interest rate environment. Shuja Alvi, head of investment at Silk Bank, said the bank continued to make heavy investments. Since acquisition, the sponsors have invested Rs430 billion in the bank through multiple funding.

Emaan Islamic Banking, a division of Silkbank Limited, has been launched and is now available in 10 branches in 8 cities including Karachi, Lahore, Faisalabad and Islamabad. M. A. Mannan, Executive Director at Silkbank, said that currently, the Islamic Banking Division offers a complete suite of liability based products and services including Current Account, Savings Account, Term Deposit (01 Month to 05 Years), Online Banking, 24/7 Phone Banking, Internet Banking, Visa Debit Card, Utility Bills Payment Service and Corporate Banking solutions including Musharka, Murabaha, Diminishing Musharka and Import Murabaha. Silkbank plans to open more Emaan Islamic Banking branches throughout the country and offer more products, both in Retail and Consumer Banking in Pakistan.