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The Jamaat-e-Islami founded on August 26, 1941 is the only politico-religious party of Pakistan which stands above sectarian, ethnic, cultural and lingual biases. Opening its doors for every.
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KARACHI: BIPL Securities said on Tuesday it has formally become a subsidiary of AKD Securities Ltd.
In a stock filing on the Pakistan Stock Exchange, the brokerage house said its parent company, BankIslami Pakistan, transferred its entire stake constituting 77.12 per cent of the share capital to AKD Securities.
BankIslami Pakistan announced in April 2019 that it would sell BIPL Securities as the stock brokerage business was not in line with the Shariah-compliant mandate of the Islamic lender. BIPL Securities was earlier named KASB Securities and was listed as an asset on the balance sheet of KASB Bank. BankIslami Pakistan acquired KASB Bank, along with KASB Securities as its subsidiary, in May 2015.
Not many people know that BankIslami Pakistan, one of the smaller lenders with only a 1.3 per cent share in total assets of the banking sector, is currently the country’s single largest housing bank.
The housing portfolio of the minor-league bank within consumer financing puts to shame the biggest banks and even the good old House Building Finance Company (HBFC), the only specialised housing institution that has existed since 1952.
The housing advances of the Sharia-compliant bank stood at almost Rs15 billion at the end of March, up 11.4pc from a quarter ago.
The government is promoting home ownership by means of subsidised mortgages through commercial banks. The State Bank of Pakistan (SBP) has asked lenders to increase their construction and housing finance to at least 5pc of their total private-sector loans by December. Hardly five of over two dozen banks currently meet that criterion.