Governor State Bank Dr Shamshad Akhtar has said Islamic banking has a bright future in Pakistan as there is enough human resource, big size of population and deep commitment of the people to Islamic values.

She was speaking as chief guest at the formal launch of the Emirates Global Islamic Bank held at a local hotel on Tuesday.

 
She said that the Islamic banking would have to go deep into the people. It will have to expand its outreach and go to the people with innovative products.

She wished all success to Emirates Global Islamic Bank Limited (EGIBL) and appreciated the initiative taken by the sponsors of the banks.

President and CEO Syed Tariq Husain in his introductory remarks said that Islamic banking is all set to increase its market share from three percent to 12 percent by 2012 as the growth in the sector had been tremendous.

He said: "EGIBL plans to establish an asset management company and launch Shariah compliant funds this year. EGIBL will be listed on the stock exchange through IPO in 2008".

 The CEO said he wanted the bank to become leading Islamic commercial bank in Pakistan by developing a profitable domestic business capable of being leveraged for international opportunities.

He said that the bank would reach a wide cross-section in delivering products and services commensurate with the best standards.

Husain said, "We hope to be recognised by our corporate values, based on innovation, integrity, dedication and equality keeping in view Shariah principles."

Chairman of the bank, Sheikh Tariq bin Faisal Al Qassimi said that the process of setting up the bank began in 2003 and finalised in about two years. "In 2003 I had occasion to meet Prime Minister Shaukat Aziz in Dubai at IMF meeting where he had offered me to come to Pakistan and explore business potentials."

He said he came to Pakistan and besides meeting Aziz, met President General Pervez Musharraf. "In view of economic growth of Pakistan and potential to grow further a decision to participate in Pakistan's banking industry was taken. We are here with Emirates Global Islamic Bank today."

EGIBL is offering shariah compliant savings accounts, current accounts, and term deposit schemes, trade financing, ijarah financing, murabaha financing for working capital, consumer financing and biometrics ATMs linked to 1-link switch. Other products in the pipeline are home financing, VISA debit card and a full-fledged call centre. The sponsoring shareholder of the bank Emirates Investment Group (EIG) is headquartered in Sharjah; UAE and the other major shareholder of EGIBL are the Al Rajihi family of Saudi Arabia