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The epochal idea of BankIslami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgrami was appointed as Adviser to the sponsors on March 16, 2004 to formalize the idea. He presented the concept paper of BankIslami to sponsors on March 24, 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on May 26, 2004. On September 26, 2005, Dubai Bank joined the Sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total Capital.
BankIslami’s Board of Directors comprises of leading professionals from the industry. These include Mr. Ali Hussain, Mr. Ali AlShamali, Dr.Amjad Waheed, Mr. Fawad Anwar, Mr. Muhammad Nadeem Farooq, Mr. Noman Yakoob, Mr. Siraj Dadabhoy and Syed Amir Ali.
Mr. Ali Hussain (Chairman – Non-Executive Director)
Mr. Ali Hussain has over forty five years of professional and managerial experience in both corporate and private entities. For the past thirty years he has been managing his own global organizations and international financial investments in the field of technology, medical electronics and strategic investments with operations in USA, Canada, Singapore, UK and Germany. His portfolio of past acquisitions has created significant value through growth and M&A.
Currently, Mr. Hussain manages a portfolio of banking, ecommerce, Fintech and digital technology investments along with family office. In Singapore he manages a technology incubator to promote entrepreneurship and invests in early stage companies. He has also founded Sajjad Foundation, a private charitable foundation primarily devoted to education and health care projects in Singapore, Pakistan and other countries.
Mr. Hussain holds a Master’s degree in Electrical engineering from Stanford University.
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Bank Islami Interest Free Loan - Islamic Loan for Home Car etc