NBP-Aitemaad targets 100 branches by year-end

The National Bank of Pakistan-Aitemaad has grown its size and expanded branch network to around 50 Islamic banking branches with a target of reaching 100 by this year's end, claims a bank spokesman. "The growth has been attributed from opening new branches and converting NBP [National Bank of Pakistan] conventional branches to NBP Aitemaad Islamic banking branches," said the spokesman. He made his announcement during an Iftar-dinner organised by the bank honouring the media on Thursday.
He said the bank had converted 15 branches initially, but decided to covert 15 branches every quarter after seeing the response from clients. "As of June 30 two phases of 15 branches each have been successfully converted to Aitemaad Islamic banking branches," he said. "The NBP-Aitemaad will be a key player in the field of Islamic banking by the next few years. The bank's network will also be expanded to the rural areas to help clients on Islamic banking." He also said the bank had planned to launch schemes such as Aitemaad Tajir, Aitemaad Zaireen, Aitemaad Muhafiz and Aitemaad Seniors on the deposit side.