Emirates Global Islamic Bank to open in Pakistan in February

Emirates Global Islamic (EGI) Bank will start its operations in Pakistan from February 2006 as it has received license from State Bank of Pakistan. Chief Executive Officer (CEO) of the proposed bank Syed Tariq Hussain revealed it here on Thursday.
The bank will open four branches in February 2006 and another four in August 2006. Its initial capital would be Rs two billion, 50 per cent of the capital would be raised through Initial Public Offering (IPO). The sponsor shareholder of the bank is Emirates Investments Group LLC. Hussain said the new bank would be Shariah-based and would strictly conform to the Islamic tenets.