Interview: Tariq Hussain, President EGIB

Mar 12 - 18, 2007

Emirates Global Islamic Bank Limited, incorporated in Pakistan, is a dedicated Islamic commercial bank with a total investment of $100 million. It has recently initiated business with a network of six branches in Pakistan and plans to expand its network to 50 branches in the next couple of years.

A valuable addition in the banking community of the country with a strong financial backup, the bank has an ambitious plan to carve a credible market share by offering world class banking services with all products and financial solutions conceivable in the modern banking system, said Syed Tariq Hussain, Chief Executive Officer of the newly established bank in an interview with PAGE.

Actually, the investment of UAE group in the financial and property development business led to a rush of foreign investment in this country as indicated by an overwhelming response of the market both within and outside Pakistan.

Syed Tariq Hussain says that he was confident that the bank is quite capable to carve a respective place in the financial sector of the country with its innovative products in the Islamic banking. The bank, he said, will be providing a variety of products related to the market demand including auto Ijrah, saving account modaraba, current account, business financing, project financing, ATM and lockers.

Tariq said that the corporate sector has extended tremendous response, besides getting warm welcome from all segments of society.

Replying to a question, Tariq agreed that international investors were keenly looking towards Pakistan on the back of attractive rate of return, which gives it an edge over other countries. Pakistan is a real place for investment mainly because of higher rates of return, strong economic indicators and its geo-political position in the comity of the nations, especially its role in war against terrorism. Contrary to the banking spread such as in the conventional system, Islamic banks instead of taking advantage of higher profits distribute it among the shareholders.

He said that the investment being made by his group in different sectors could be a testing point, as success of our projects, which include development in the real estate sector on international standard, may open a floodgate for foreign investment in Pakistan.

Sponsored by leading investors from the United Arab Emirates and Saudi Arabia, Emirates Global Islamic Bank aims to become a major player in the rapidly growing Islamic banking industry by offering Riba-free yet highly competitive banking products, based on the teachings of the Holy Qura'an and Sunnah.

Islamic banking is emerging as a major trend on the global financial scene and the quantum of this industry presently stands at over $300 billion. It has become one of the fasted growing industries not only in the world but also in the region. In Pakistan, Islamic banking is expected to grow rapidly to achieve a 12 percent share of the banking industry by 2012.

The reason behind this phenomenal growth is the fact that Islamic banking is based on ethical practices and promotes honesty, transparency and fairness. It has far reaching benefits, which can be enjoyed by both Muslims and non-Muslims alike.

Emirates Global Islamic Bank is committed to the cause of extending the reach of Islamic banking in Pakistan and thereafter globally. The sponsoring shareholder of the bank - Emirates Investments Group of UAE - is a leading investment company, which has strategic investment in the property development and financial services sectors in the Middle East and Asia Pacific regions.

EIG has set up ENSHAANLC, a high quality property development company, which is a joint venture with National Logistics Cell for the development of Karachi's financial towers. Other major shareholders of Emirates Global Islamic Bank are Al Rajhi family of Saudi Arabia. This group is also a major shareholder in the Al Rajhi Bank of Saudi Arabia, which is the largest Islamic bank in the world with assets over SAR100 billion.


Sheikh Tariq Bin Faisal Al Qassimi
Abdul Ghaffar Fancy
Mubarak Bulaswad
Abdul Hadi A. Shayif
Riyadh Mohammed Saeed Al Birdisi
Zubair Daruwala
Syed Tariq Husain (President & CEO)

At Emirates Global Islamic Bank Limited, we guarantee the best in Islamic banking. To come up to international standards, the bank is equipped with the skill and expertise of trained professionals and technical support from the best companies in their respective fields, which ensures an optimum quality of service for our valued customers. Emirates Global Islamic Bank Limited has chosen the best partners to support the bank's various functions:

Technical assistance agreement with NCR and AVANZA solutions
Member of 1-link, Pakistan's largest ATM switch network
Technical cooperation agreement with RHB Islamic Bank Berhad, the fourth largest bank in Malaysia
Auditors: A.F. Ferguson & Co. (PWC)
Core banking system providers: Autosoft Dynamics (Pvt.) Ltd.
Financial Advisors: AMZ Securities

Shariah compliance first and foremost:

The bank's Shariah Committee comprises a team of experts on Islamic banking and finance. They will ensure that the bank's operations strictly adhere to Islamic tenets by:

Reviewing the bank's transactions and activities to ensure strict compliance with Shariah

Monitoring implementation of policies in all internal and external activities

Analyzing and approving contracts and products in light of Shariah

Justice (R) Khalil-ur-Rehman Khan, the Shariah Advisor of Emirates Global Islamic Bank Limited, is a world renowned Islamic scholar who has served as Chairman Shariat Appellate Bench of the Supreme Court of Pakistan, Rector of the International Islamic University, Islamabad; former Chief Justice of the Lahore High Court and has also been the Chairman of the Religious Board for Mudarabas. He authored the landmark judgment on Riba in 1999.

Mufti Abdullah Najeebul Haq Siddiqi, Shariah Coordinator of Emirates Global Islamic Bank Limited, is associated with Dar-ul-Uloom, Karachi and has specialized in Islamic Fiqh and Fatawa. He graduated from Dar-ul-Uloom Karachi as an Islamic scholar where he obtained certification in Islamic Banking, Finance and Economics.

The core objective of Emirates Global Islamic Bank is to make a positive contribution to all of its stakeholders including shareholders, depositors, employees and strategic partners, keeping in view Shariah principles as laid down by the Holy Qura'an and Sunnah in all of its objectives, principles, practices and operations.

Islamic banking is based on Islamic economic principles and legal concepts (Shariah). The basic idea governing Riba-free (interest-free) banking is risk-sharing. An Islamic bank becomes your partner in sharing profits and risks in the business instead of being a mere creditor. In other words, Islam encourages investment in order to provide a stimulus to the economy. "We at Emirates Global Islamic Bank Limited constantly strive to provide our customers with financial solutions that help them achieve true purpose in this life and hereafter."

All activities at Emirates Global Islamic Bank are driven with the principal goal of delivering the most suitable solutions to all clients and supporting them everyday with the highest levels of service and market insights.

Retail Banking at Emirates Global Islamic Bank Limited caters specifically to the needs of individual customers offering a complete product suite covering Riba-free saving and investment products, personal financing solutions and other value-added services such as safe deposit lockers, remittance products and technology based self-service delivery channels.

Business banking services at Emirates Global Islamic Bank Limited provide an array of Halal financing solutions for corporate and SME customers at highly competitive terms. Our dedicated relationship managers have been trained to work closely with customers and build long lasting partnerships.

The spectrum of activities under the umbrella of investment banking at Emirates Global Islamic Bank offers Advisory, Asset and Investment Management services. "Our investment banking team strives to understand customers' needs and build comprehensive and innovative Shariah-compliant solutions, which cater to the client's unique business requirements."

TPL is an associate company of Emirates Global Islamic Bank Limited. This is the second Islamic non-life Takaful company in the country. TPL is proud to have some of the top Islamic scholars on its panel, including Dr. Mehmood Ahmed Ghazi, Dr. Anis Ahmed and Mufti Mohib-ul-Haq. With the launch of TPL, Emirates Global Islamic Bank Limited will fulfill a much-needed requirement of society by providing customers the option to insure their assets on a Shariah-compliant basis.