The Bank of Khyber (BoK) has launched 'Raast Islamic Banking' in Sarai Naurang, district Lakki Marwat. The Managing Director of BoK, Bilal Mustafa, formally inaugurated the new branch in Lakki Marwat on Wednesday. BoK Executive Director Javed Hashmat, BoK Islamic Bank Group acting head Shabbeer Ahmad Sheikh, head of Islamic Business Development Sohail Khan and notable of the area and business community attended the opening ceremony.
Bilal Mustafa said that the bank is committed to cater the requirements of both Islamic banking and conventional banking to encourage the economic developmental activities in the region. He said that the 'Raast Islamic Banking' of BoK has trader-friendly network in all major cities of the country, and added that the network was increased by establishing five new branches by end of 2011. He said that the number would further be increased in 2012.
The Managing Director said that the BoK has also been serving Islamic banking clients by providing them all banking services through its network across the country successfully since 2003. He said that BoK Raast Islamic Banking is supervised by proper Shariah-compliant committee as per State Bank of Pakistan rules.
He said that the Islamic Banking Group and full time Shariah-compliance department is ensuring proper compliance of all Shariah rules. This is a prime responsibility of BoK to provide Shariah-compliant schemes which are now getting encouraging results from the clients, he added. He said that BoK Raast Islamic Banking has shown considerable growth in profit of Islamic branches during last three years, and the system is actively working on new Islamic products.
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