Key operating subsidiaries of Ithmaar Bank
Faysal Bank Limited (FBL)
FBL is one of the most prominent and fastest growing retail banks in Pakistan.
FBL, including its predecessors, has been in operations for more than 30 years. FBL shares are listed on the Pakistan Stock Exchange. FBL is mainly engaged in Commercial, Retail and Corporate banking activities and strives to provide quality service to its customers to meet their financial needs. FBL’s branches have been transformed into multiproduct selling hubs through which customers can access a wide variety of products and services. There is also a great deal of focus on realising synergies between FBL’s various operating units to ensure maximum value creation and holistic customer solutions. Ithmaar Bank owns 66.57 percent of FBL.
FBL has 455 branches, spread over 130 cities across Pakistan. The Bank has also sizable clients of Corporate, Commercial, SME and Consumer segments. FBL is increasing its branch network to increase customer reach and provide banking services to customers at their doorstep. The Bank is enhancing its technology platform to facilitate customers transactions and reduce the cost of doing business. FBL introduced Virtual Card allowing customers to make secure worldwide online purchases.
With increase in the local policy benchmark rate, decent deposit mix and diversified loan portfolio, the Bank is expected to maintain its growth trajectory.
FBL total assets and total shareholders’ equity as of 31 December 2018 amounted to PKR 585.1 billion (equivalent US$ 4.2 billion) and PKR 39 billion (equivalent US$ 278 million) respectively.
Dilmunia Development Fund I L.P.
Dilmunia Development Fund I L.P. (the “Fund”) is an exempted limited partnership formed and registered under the laws of the Cayman Islands. The General Partner in the Partnership is Ithmaar-Dilmunia General Partner Company Limited. The Fund has been formed to acquire 650,000 square meters of land (the “Land”), within the Health Island — Dilmunia Project in Bahrain to develop the infrastructure and to sell the Land in parcels.
The total assets and total shareholders’ equity as of 31 December 2018 amounted to US$167 million and US$136 million respectively.