AL Baraka Bank (Pakistan) Limited (ABPL) on Friday announced the launch of its AL Baraka Business Plus Account. "This new addition to its existing comprehensive product portfolio is set on the basic principles of Mudaraba'h, tailored to suit the business' banking needs," said Shafqaat Ahmed, CEO of Al-Bank (Pakistan) Limited while briefing the media at a press conference at a local hotel here on Friday.
"Capitalising on excellent knowledge of regional and local markets, ABPL's products proudly cater to a diversified customer base that fully complies with Shariah principles approved by the bank's renowned Shariah Advisory Committee", he added. He said customers could now experience a new level of trust and convenience and enjoy hassle free, non-stop banking with additional benefits and host of free services at all the 89 branches of AL Baraka in 37 cities and towns across Pakistan.
These Free Benefits and Services include; Cheque Books, ATM Card, Pay Orders, Duplicate Bank Account Statements, Hold Mail Facility, Online Banking Transactions, Intercity Clearing, SMS Banking, Utility Bills Payment through ATM and Electronic Statement of Accounts.
ABPL has been one of the pioneers of Islamic banking in Pakistan and it is also part of Al Baraka Banking group (ABG), the leading international Islamic banking group in the Gulf region. A sound financial position is evident from an authorised capital of $1.5 billion, asset base of $16.3 billion and total equity amounting to $1.8 billion, ABG is listed on Bahrain and NASDAQ Dubai stock exchanges.
ABPL came into being as a result of the merger between the Pakistan branches of Al Baraka Islamic Bank, Bahrain, and Emirates Global Islamic Bank Limited. Farah Naz, the head of marketing of the bank gave a detailed presentation and briefed the media about the product. Shuja Kidwai, chief operating officer and other high officials were also present.