Pakistan Approves New Islamic Bank

ISLAMABAD, 12 September 2005 — The Emirates Global Islamic Bank, newly to be set up in Pakistan, will be capitalized at $35 million. Fifty percent of the capital will be raised through an initial public offering (IPO). The sponsor shareholder is the UAE-based Emirates Investment Group LLC EIG). “We feel there is an untapped demand for a new Islamic bank offering in Pakistan — in particular, a bank that can provide a broader and improved range of Islamic products and services for corporate customers on the one hand and the growing market segment of young, educated and demanding retail consumers on the other,” said EIG Chairman Tariq ibn Fasel Al-Qassimi.