Bank Islami has approved the establishment of an exchange company titled Bank Islami Pakistan Limited, the bank informed the Pakistan Stock Exchange.
The notice reads: The Board of Directors of Bank Islami has approved the establishment of an exchange company with an initial paid-up share capital of Rs. 1.2 billion, subject to the approval/clearance of the State Bank of Pakistan and the completion of other regulatory compliance requirements.
The Exchange Company will be a wholly owned subsidiary of the bank and will operate within the framework prescribed by the State Bank of Pakistan. The company will be named Bank Islami Pakistan Limited.
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