Barkat Islamic Banking, Faysal Bank and Pak Kuwait Takaful Company (PKTCL) signed an MoU for Accidental Death Takaful on Faysal Barkat Mortgage portfolio recently. Faysal Bank launched Barkat Islamic Banking in 2009 with one branch and has rapidly expanded since then. Earlier this year when RBS amalgamated with Faysal Bank the total number of Islamic branches increased from 10 to 13 covering 6 cities nation-wide.
Since then Barkat Islamic Banking has launched two more Islamic branches in Mardan and Peshawar, taking the number of branches presently to 15 in 8 cities. Faysal Bank plans to further expand Barkat Islamic Banking during the year 2011 and aims to grow the Islamic branch network and its Shariah Compliant Products according to Shariah Avenues, thereby making Barkat Islamic Banking easily available to a larger number of customers.
Faysal Bank Limited was incorporated in Pakistan on October 3, 1994, as a public limited company under the Companies Ordinance, 1984. Currently, the Bank's shares are listed on the Karachi, Lahore and Islamabad Stock Exchanges. Faysal Bank is engaged in Commercial, Consumer, Corporate and Islamic Banking activities. The Pakistan Credit Rating Agency Limited (PACRA) and JCR-VIS Credit Rating Company Limited have determined the Bank's long-term rating as 'AA' and short term rating as 'A1+'. Following the acquisition of RBS Pakistan, Bank's footprint has expanded to over 226 branches, with combined business assets of over PKR 260 billion, further strengthening its balance sheet and placing it amongst the top ten banks in Pakistan. Faysal Bank's ambition is to provide par excellence service for its customers, while meeting all their financial needs.-PR
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