Lahore February 24 2025: MCB bank is actively looking for Initial Public Offering for its Islamic Arm, says Chief Financial Officer in analyst briefing.
“There are negative and positive impact of this IPO for MCB bank, but we are evaluating all angles before taking any decision” he added.
MCB Islamic Bank has deposits of PKR 239.9 billion with book value of PKR 24.9 billion, as of September 2024 accounts.
MCB Islamic Bank Limited (the Bank) was incorporated in Pakistan on May 15, 2014 as an unlisted public limited company under the Companies Act, 2017 (previously Companies Ordinance, 1984) to carry out the business of an Islamic Commercial Bank in accordance and in conformity with the principles of Islamic Shari’ah and in accordance with regulations and guidelines of the State Bank of Pakistan. The Securities and Exchange Commission of Pakistan granted “Certificate of Commencement of Business” to the Bank on January 30, 2015. The Bank is a wholly owned subsidiary of MCB Bank Limited (MCB).
The State Bank of Pakistan (SBP) granted a “Certificate of Commencement of Banking Business” to the Bank on September 14, 2015 under Section 27 of the Banking Companies Ordinance, 1962. The Bank formally commenced operations as a scheduled Islamic Commercial Bank with effect from October 15, 2015 upon receiving notification in this regard from SBP under section 37 of the State Bank of Pakistan Act, 1956. Currently, the Bank is engaged in corporate, commercial, consumer, micro finance, investment and retail banking activities.
The Bank is operating through 249 branches including two sub branches in Pakistan (December 31, 2023: 226 branches including two sub branches). Pakistan Credit Rating Agency (PACRA) has upgraded our the Bank’s medium to long-term rating from “A” to A+ and maintained the short-term rating as ‘A-1’ with stable outlook.
