The low penetration rate in the banking sector has attracted Ithmaar bank of Bahrain to open 100 branches of Faysal Bank in Pakistan. Faysal Bank is the subsidiary of Ithmaar bank and it holds 66% stakes in the bank. And also with this expansion plan, the share of Bahrain based bank will grow substantially in the Islamic retail banking. This was told by Abdul Hakeem Al-Mutawa deputy chief executive of Ithmaar bank in his interview with Reuters.
Al-Mutawa also told that we have planned to have more than 500 branches this year and we are working on it. In Pakistan, as the penetration level is low, so it will serve as a very good window for us to project our services and equally a great opportunity for progress and expansion.
Ithmaar Holding a company that runs Ithmaar bank has been listed on the Dubai financial market this week and prior to this it is also listed in Bahrain and Kuwait. On this occasion, Al-Mutawa expressed his views of expansion plans in Pakistan through Faysal Bank. He said we are now in a position to set targets for the capital market but at the moment we have no plans for fundraising through loan and bonds.