Another Islamic Bank, Emirates Global Islamic Bank (EGIBL), has been launched with six branches in Pakistan.

The official launch was celebrated in Karachi and the Governor State Bank, Dr Shamshad Akhtar, was invited as the chief guest.

The bank has been sponsored by the Emirates Investment Group of UAE and Al-Rajhi family of Saudi Arabia.

Chairman of the bank, Sheikh Tariq bin Faisal Al Qassimi of the ruling family in Sharjah, and other dignitaries attended the launching ceremony.

Dr Akhtar praised the banking industry and expressed satisfaction over the foreign investment in the banking industry.

“We wish to become leading Islamic commercial bank in Pakistan by developing a profitable domestic business capable of being leveraged for international opportunities,” said President and CEO Syed Tariq Husain of the bank.

The bank has entered a technical cooperation agreement with RHB Islamic Bank Berhad, the fourth largest bank in Malaysia.