BURJ BANK: A NEW IDENTITY OF DAWOOD ISLAMIC BANK
RESOLVES TO MAKE ISLAMIC FINANCE A BENCHMARK
July 18 - 24, 2011
Dawood Islamic Bank has assumed the new identity of Burj Bank for which the State Bank of Pakistan (SBP) has notified the change of name of "Dawood Islamic Bank Limited" to "Burj Bank Limited" with effect from July 11, 2011.
Pervez Said, President and CEO of the Burj bank has resolved to give a new height to Islamic banking.
When his attention was drawn towards growing role of overseas Pakistanis in home remittances especially from Gulf countries and the role of Islamic banks in it, Pervez Said conceded that the Islamic banking has not grabbed this segment of financial services so far because Shariah compliant financial services are only five or six year of age in Pakistan. He however foresees a major role of Islamic financial institutions in facilitating home remittances going forward.
Giving the reasons for the change of identity of Dawood Islamic Bank at a formal launch last week, he said since the profile of the investors has been changed due to fresh investments from Middle East, the name of the bank has been changed.
Pervez Said observed that Burj Bank has emerged with a new vision and new mission. The new vision of the bank is to become the benchmark of Islamic banking backed by a new mission to be among the top ten banks of the country within a decade.
The foreign investment made by Islamic Corporation Development (ICD) and Unicorn in the bank is a reflection of the confidence in Pakistan in general and prospects of Islamic banking in the country.
It is a multilateral organization, affiliated with the Islamic Development Group. Its shareholders include IDB, 49 Islamic member countries, and five public financial institutions from member countries. ICD was established in 1999 to support economic development of the private sector of its members. ICD also provides advice to governments and private organizations to encourage the establishment, expansion, and modernization of private enterprises. Projects financed by ICD are selected on the basis of their contribution to economic development considering factors such as creation of employment opportunities and contribution to exports. ICD also attracts co-financiers for its projects and provides advice to governments and private sector groups on policies to encourage development capital markets, best management practices and enhance the role of the market economy.
It may be mentioned that Burj Bank has 50 branches across the country and is represented in 17 major cities.
Dawood Bank started its operations in 2007. Its new identity as Burj Bank is a reflection of the re-profiling of its shareholding wherein ICD and Unicorn have become major shareholders. Khalid Al-Aboodi CEO ICD who was also present on the occasion is the chairman of the Board of Burj Bank while other directors are Nicolas Martin of Unicorn and Ahmed Khizer COO of ICD.
UNICORN INVESTMENT BANK
Unicorn Investment Bank is a leading Islamic investment bank and has interest in various businesses in different countries including Bahrain Finance Company (BFC), the largest money transfer companies in Bahrain.
BURJ BANK'S FUTURE PLANNING
The bank is planning to launch exciting new Shariah compliant consumer products that will be market competitive. These will cover both asset and liability related offerings. The bank showed strong growth in the first quarter of 2011 and the trend would be further reflected in the six monthly results for the period of ending June 30, 2011.
Chancellor of Sir Syed University of Engineering & Technology Z.A. Nizami inaugurated the branch of Burj Bank by cutting ribbon at the university campus on the eve of rebranding of Dawood Islamic Bank.
While speaking on the auspicious occasion, Chancellor Z.A. Nizami, said that rebranding of the bank is a true test of organizational strategy and focus, and hopefully Dawood Islamic with new identity as Burj Bank will bring out exceptional results offering a number of significant facilities to the clients in today's economic climate.
Mr. Nizami underscored that the bank has the experience as well as deep insight into the financial services industry to help clients successfully toward high performance.
Chief Risk Officer Burj Bank, Ihsanullah Ihsan, said: ýRebranding is a positive approach ahead of the curve and confidence returning to the banking system and Burj Bank is planning to expand its banking operations in Pakistan to facilitate its clients with reduced risk."
Branch Manager SSUET, Syed Muhammad Ali Rizvi, said Pakistan is a huge potential market and Burj Bank is offering attractive profit rates on its saving products based on deposit tiers, allowing the customer to make transactions on his account without any limits.
Registrar Shah Mahmood H. Syed, Prof. Dr. Syed Jawaid Hassan Rizvi and Dr Bilal Alvi also attended the ceremony.
Bank officials including Aijaz Ameer, Afshan Mehmood, S.M. Arsalan, Ada, Syed Nabeel Tauseef, Khalil Ahmed and Adnan Rasheed were also present on the occasion.
Burj Bank provides value added facilities to its clients. No minimum balance is required while free of charge ATM card and free of charge access to Burj online banking are also available. The bank also offers free internet banking services including free funds transfer within Burj Bank branches. Customers could also pay utility bills and transfer funds within the bank.