Some tickets were relisted on resale sites for as much as Dh38,581
Karachi-based Faysal Bank (FBL) will convert itself into a full-fledged Islamic lender as its majority shareholder, Bahrain’s Ithmaar Bank, looks to consolidate its business lines.
Islamic retail bank Ithmaar, with a 67 per cent stake in FBL, wants to extract up to $35 million in savings from a turnaround plan after posting a net loss of 29.9 million dinars ($79.3 million) last year, against a loss of 10.1 million dinars in 2012.
As of December, FBL had Pakistan’s second-largest Islamic banking window with 53 stand-alone branches. Its conversion would make its remaining 216 branches Islamic, subject to shareholder and regulatory approvals.
“FBL is in discussion with the State Bank of Pakistan on the conversion of the entire operations of FBL to Shariah-compliant banking,” Ithmaar’s chief executive Ahmed Abdul Rahim said.
“At this stage, the exact timeline for the conversion cannot be ascertained, but it is expected to take between two to three years.”
Ithmaar will increase its control of FBL by adding two more members to its board, reaching a total of five members out of eight, including its president and chief executive. Ithmaar’s shareholding in FBL will remain unchanged, Rahim added.
Last year, Ithmaar completed a merger with affiliate First Leasing Bank through a share swap agreement. In 2010, Ithmaar integrated its subsidiary Shamil Bank, while FBL acquired the Pakistani operations of Royal Bank of Scotland.
FBL’s conversion is the latest in a string of corporate actions that may boost the Islamic banking sector in Pakistan, the world’s second most populous Muslim nation.
Some tickets were relisted on resale sites for as much as Dh38,581
Here's a list of the places you can go; entry is free to most of them
Some of the survivors were still recovering at hospitals while others were already in their homes
The vaccines will be flown to Democratic Republic of the Congo, Nigeria, South Africa, Ivory Coast and Cameroon
‘My current position is, to be honest, beyond all my pre-tournament expectations,’ said the tournament host
The confirmed case involved a 51-year-old man, who is currently in stable condition and undergoing treatment
Regarding the possibility of elections in the violence-hit country, the foreign affaires adviser said there would be more clarity on the timeline by September
The Zurich-based body said it has now moved the assessment to October