Burj Bank
| Company type | Private |
|---|---|
| Industry | Islamic banking and finance |
| Predecessor | Dawood Islamic Bank Limited |
| Founded | April 27, 2007 in Karachi, Pakistan |
| Defunct | 2016 |
| Fate | Merged with Al Baraka Bank |
| Headquarters | Karachi , Pakistan |
Area served | Pakistan |
| Products | Islamic financial services |
| Owner | Consortium including First Dawood Group, ICD, Unicorn Investment Bank, Al Safat Investment Company, Gargash Enterprises, Azam Essof Kolia, Shaikh Abdullah Mohammad Al-Romaizan |
Burj Bank Limited, originally known as Dawood Islamic Bank Limited (DIBL), operated as an Islamic financial institution headquartered in Karachi. In 2016, it was consolidated into Al Baraka Bank.
History
The State Bank of Pakistan granted Burj Bank its operating license in May 2006, with the bank officially beginning its services on April 27, 2007.
The establishment of the bank involved collaboration among several entities: the First Dawood Group, the Islamic Corporation for the Development of the Private Sector (ICD) based in Jeddah, Bahrain's Unicorn Investment Bank, Kuwait's Al Safat Investment Company, Dubai's Gargash Enterprises (LLC), Singaporean businessman Azam Essof Kolia, and Saudi Arabian Shaikh Abdullah Mohammad Al-Romaizan. The institution adopted the name Burj Bank in July 2011 following a rebranding initiative.
In 2016, Burj Bank combined operations with Al Baraka Bank, resulting in a merged organization holding assets valued at more than $1.1 billion.