Al Baraka (Pakistan) Limited (ABPL) is a Pakistani Islamic bank headquartered in Karachi.[2] It is a subsidiary of the Al Baraka Banking Group, a Bahrain-based Islamic banking group.
History
Al Baraka Islamic Bank was initially established in Pakistan in 1991 as Al Baraka Islamic Bank (AIB) Bahrain, and later incorporated as a public limited company in December 2004, receiving its Islamic banking license in 2007.[3]
In October 2010, Al Baraka Bank (Pakistan) merged with Emirates Global Islamic Bank (Pakistan), with the latter being renamed as Al Baraka Bank (Pakistan) Limited.[4] It was the first merger in the Islamic Banking sector of Pakistan.[5] The merger took place between the branch operations of Al Baraka Islamic Bank (AIB) Bahrain, Al Baraka Islamic Bank Pakistan (AIBP) and Emirates Global Islamic Bank (Pakistan), and thus from 1 November 2010, the operations of the merged entity began.[6]