The Bank of Khyber - RAAST Islamic Banking

Bilal Mustafa is the Managing Director of The Bank of Khyber with over 38 years banking experience. He took over the charge on March 05, 2008. He started his banking career with Habib Bank and subsequently joined Allied Bank. In addition to being the Manager of various branches, Zonal Chief, Circle Executive, Area Regional Chief, Provincial Chief (Balochistan, NWFP, AJK and Punjab).
He has also worked as Chief of Audit and Inspection/Group Chief Human Resources and as the overseeing executive of various divisions of Central Office, Karachi. He also worked as Chairman /Director First Allied Bank Modarabah. He retired from ABL as SEVP in June 2007. Having graduated in 1965, he completed M.A (Economics) in 1967 from Punjab University. His professional qualifications also include DAIBP. He has attended various foreign and national level trainings / courses during his career.
The Bank of Khyber (BoK) was established in 1991 through Act passed by the Provincial Legislative Assembly of the Khyber Pakhtoonkhwa Province of Pakistan. It was awarded status of a scheduled bank in September 1994. The Bank of Khyber enjoys a unique position and stands out amidst the other banks operating in Pakistan. It has the privilege of being bracketed amongst the only three government banks operating in the country. The Bank of Khyber started Islamic Banking by converting all assets and liabilities of Hayatabad Branch Peshawar on November 22, 2003 (27th Ramadan) with an aim to gradually convert the Bank into a full fledged Islamic bank as per Rules and Regulations of the State Bank of Pakistan.
The BoK has named its Islamic banking 'Raast Islamic Banking', which is gaining popularity among the public, especially the business community. Out of a total 54 branches all over the country, 21 offer
Islamic banking. The bank established 9 branches in 2009 and 11 branches in 2010. Presently there are four branches in Lahore out of which 2 are Islamic Shariah compliant. However every branch has an Islamic banking counter.
Islamic Banking in Bank of Khyber:
In December 2002, BOK decided to initiate Islamic Banking Services for customers. As per policy of the Bank, BOK is perusing Islamic & Conventional Banking side by side. We are opening new Islamic full service branches as per demand of the customers and are also extending Islamic Banking facilities through dedicated Islamic Desks in all conventional banking branches. The Government of Khyber Pakhtunkhwa constituted a Shariah Supervisory Board (SSB), subsequently renamed as SSC, to guide and supervise the Bank's Islamic operations presently comprising of the following scholars:
1. Syed Muhammad Abbas
2. Mufti Muhammad Zahid
3. Dr. Dost Muhammad
4. Mr. Shahzad Iqbal Sham
5. Mr. Muhammad Ayub,
Today In Islamic Banking Industry, Islamic Banking Group (IBG) of The Bank of Khyber (BOK) is providing Islamic banking services almost in all big cities of Pakistan through 19 full-fledged branches, 4 sub-branches and Islamic counters.
Products & Services:
Islamic banking of BOK is offering the following Products and Services.
Deposit:
1. Current Accounts
2. Interest Free PLS Saving Accounts
3. Riba Free Certificates
4. Call Deposits
5. Riba Free Special Deposit. Pool Deposits/Certificate
These two are also accepted on the same principles as applicable to PLS Financing
1. Ijarah
2. Murabaha
3. Diminishing Musharakah
4. Musharakah
5. Mudarabah
6. Wakala
7. Share Purchase
8. Import Export under Islamic Banking
9. Foreign Currency (FCY) Transactions
10. Discounting of Bills
11. Export Refinance Scheme
FUTURE PLAN
1. Further expansion in Islamic branches network through the country.
2. Launching of liability & asset innovative products
3. Active participation in Islamic Financing for Commodity Operation of Punjab Government, Investments in SUKUKs and other Shariah Compliant Investment products.
4. To enhance professional knowledge of the Islamic Banking Staff, enable them to provide quality services to the customers.