National Bank of Pakistan (NBP) will open approximately 175 Islamic branches across the country by the end of 2015 to enhance its network of Islamic Banking (IB) division.
With its branch expansion strategy, NBP-Aitemaad aims to emerge as a major player in the Islamic Banking industry with a branch network spreading across Pakistan within the next few years.
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NBP, which has already launched 19 branches under IB umbrella, said that the new office will provide banking services such as deposit and credit facility, pay order, bank drafts, remittance services, Western Union, government collection, and utility bills collection.
Speaking on the inauguration of NBP’s 19th Islamic banking branch in Karachi, State Bank of Pakistan deputy governor Saeed Ahmad said Islamic banking is an emerging segment in Pakistan’s banking sector that needs to expand its services to agriculture, housing, small and medium-size enterprises and trade.
NBP also plans to convert other branches, which currently exist as conventional branches, into Shariah-compliant branches.
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