ANNEXURE-A: Brief Background of the Full Fledged Islamic Banks 1.

Meezan Bank In 2002 the first Islamic banking license was issued to Meezan Bank by the State Bank of Pakistan. Societe Generale, a French commercial bank, operations in Pakistan was acquired by Meezan Bank and concurrently Al Meezan Investment Bank converted itself into a full fledged Islamic commercial bank. The new bank was renamed Meezan Bank Limited. Notable shareholders of the bank include Pak Kuwait Investment Company, Shamil Bank of Bahrain, Noor Financial Investment Company and Islamic Development Bank. In 2005 Meezan Bank launched the Meezan Islamic Institution Deposit Account (MIIDA), a unique product tailored exclusively for Islamic Financial Institutions (IFIs). The facility was the first of its kind in Pakistan, whereby Islamic Banks (including dedicated, as well as conventional banks Islamic branches) got the opportunity to manage excess liquidity by maintaining a checking account with Meezan Bank specifically designed for this purpose. 2. AlBaraka Islamic Bank B.S.C. (E.C.) AlBaraka Islamic Bank Pakistan (AIB) has been operating in the country through branches of AlBaraka Islamic Bank, Bahrain since 1991. AlBaraka Islamic Bank operates under the auspices of the Bahrain-based AlBaraka Banking Group (ABG), which is a leading contributor of Islamic banking, investment and treasury services. The bank is second oldest Islamic bank in Pakistan after it was awarded an Islamic banking license under the current licensing regime issued for Islamic banking institutions. 3. BankIslami Pakistan Limited BankIslami started its commercial operations in April, 2006. The founding shareholders of BankIslami are Randeree family of the DCD Group, UK, Dubai Bank, U.A.E and Jahangir Siddiqui and Company Limited, Pakistan. Approximately 30% of the banks branch network is in rural areas. In 11 Cities, BankIslami is the first Islamic Bank to starts operations. The Bank is said to have the distinction of being the 1st Bank in Pakistan and 2nd worldwide to have used 'Biometric' technology in ATMs.

4. Dubai Islamic Bank Pakistan Limited (DIB) Dubai Islamic Bank Pakistan Limited started its operations in the year 2006. DIB is a wholly owned subsidiary of the Dubai Islamic Group headquartered in UAE. The Group has maintained its status quo as the undisputed market leader in Islamic financing since its inception in 1975. Dubai Islamic Bank also has the honorable distinction of being the first Islamic bank in the world. The Bank has launched Pakistan's first Islamic Visa Debit Card. Besides regular banking services, the Bank aims at bringing foreign investment to the country. DIB's corporate wing has actively pursued foreign investors and convinced world renowned giants from the GCC to be part of Pakistan's economy. 5. Dawood Islamic Bank Limited Dawood Islamic Bank Limited is the result of an initiative of the First Dawood Group who teamed up with Islamic Corporation for the Development of the Private Sector (ICD) Jeddah, Unicorn Investment Bank - Bahrain, Al Safat Investment Company - Kuwait, Gargash Enterprises (LLC) Dubai, Mr. Azam Essof Kolia - a Singapore based entrepreneur and Shaikh Abdullah Mohammad Al-ISLAMIC BANKING SECTOR REVIEW 2003 TO 2007 71 Romaizan, an entrepreneur from the Kingdom of Saudi Arabia. The bank started its operations in the year 2007. In addition to the standard and innovative products in retail and corporate banks, the bank is said to be focused on the growing segment of importers and exporters that are reluctant of utilizing bank financing with the fear of breaching Islamic laws as defined in the Holy Qur'an and Sunnah. This segment is still substantially untapped, even by existing Islamic Financial Institutions hence it is said to be the core focus of the Bank's marketing strategy. 6. Emirates Global Islamic Bank Limited Emirates Global Islamic Bank Limited which started operations in the year 2007 is backed by leading investors from United Arab Emirates and Saudi Arabia. The sponsoring shareholder of the bank, Emirates Investments Group (EIG) LLC is an investment company in the United Arab Emirates. Sheikh Tariq Bin Faisal Al Qassimi, a member of the ruling family of Sharjah, is the Chairman and cofounder of Emirates Investments Group