The Islamic finance industry is the fastest growing segment of Pakistan's financial services sector. Recognising the increase in the demand for Islamic Banking products and services, National Bank of Pakistan in 2013, re-launched its Islamic Banking initiative under the Brand name of Aitemaad" offering Shariah Compliant products and services through its nation-wide network of almost 30 cities spread with around 50 fully dedicated Islamic Banking branches. This was stated by Mufti Ehsan Waquar Ahmad Shariah Advisor at NBP-Aitemaad here in Peshawar.
NBP-Aitemaad has grown its size and expanded its branch network to around 50 islamic Banking Branches with a target of reaching 100 Islamic Banking branches by the end of 2015. The growth has been attributed from opening new branches and converting NBP conventional branches to NBP Aitemaad Islamic Banking Branches he said. Through conversion process, customers of conventional branches are given the option to bank according to Shariah Principles. In the first Phase 15 NBP Conventional branches were to be converted, however seeing the response from the customers, the Bank decided to convert 15 branches every quarter, with an objective of having 100 Aitemaad Islamic Banking Branches by the end of year 2015. As of 30thJune 2015, two phases of 15 branches each have been successfully converted to Aitemaad Islamic Banking Branches.
While looking forward to the future Mufti Ehsan said within the next few years NBP-Aitemaad would become a major player in the Islamic Banking industry with a branch network spread all across Pakistan concentrating in the rural areas where Islamic Banking option is rarely available. Main motive of this expansion plan is to provide Shariah compliant banking services to preferably those areas of country where no other Islamic Bank is operating while NBP's Aitemaad has its niche market there on the basis of its large network.
Along with the branch expansion process, NBP Aitemaad has given its customers a bunch of facilities; Online services ie connectivity of all the Islamic banking branches with each other and with more than 1300 conventional branches; and in addition to this, most of the branches will be having ATM machines installed, which will help serve customers of Islamic & Conventional Branches. NBP Aitemaad has managed to arrange ATM cards for their customers with significantly unique design and features depicting exquisite Islamic artistic essence, so that the customer may feel the privilege of having ATM Card offered by an Islamic Bank.
In order to equip the branch staff with proper understanding and knowledge of Islamic Banking concepts, products and working, staff of the branches and all new inductees in Islamic Banking Group, are thoroughly trained by the banks Organisational Training and Development Department. In additional to internal training, staff is regularly sent on external trainings as well. NBP-Aitemaad has recently arranged training programs with SBP-NIBAF (State Bank of Pakistan's Training Institution) to conduct exclusive Islamic Banking training for the staff of NBP-Aitemaad.
At the moment, Aitemaad is catering to its customers' needs through various Shariah compliant deposits as well as financing products. NBP-Aitemaad offers Shariah Compliant General Banking Operations. On the asset side, we are offering Ijarah, Murabahah and Diminishing Musharakahat present. While on the liability side, remunerative and non-remunerative deposit products. Based on the market demand and requirements, we are developing more products on deposits as well as financing side. In addition to the above, other key services provided by the branches of NBP-Aitemaad include issuance of Payment Orders, Bank Drafts, E-Remittance, Western Union, Government Collection, and Utility Bills Collection.-PR
Comments
Comments are closed.