Introduction
It is incorporated in
EGIBL believes in making a positive contribution to society by continuously striving to provide Halal alternatives to conventional banking products, complemented with superior service and cutting-edge technology.
Recently Emirates Global Islamic Bank Limited has opened new branches in
The Pakistan Credit Rating Agency (PACRA) has assigned a long-term rating of A- (Single A Minus) and a short-term rating of A2 (A Two) to Emirates Global Islamic Bank Limited. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments.
| No. BPRD (LCGD-02)/625-76/2007/1270 | February 12, 2007 | |
| ||
Sponsors Of Emirates Bank
Emirates Global Islamic Bank Limited is backed by leading investors from
The sponsoring shareholder of the bank, Emirates Investments Group LLC is an investment company in the
Shiekh Tariq Bin Faisal Al Qassimi, a member of the ruling family of Sharjah, is the Chairman and co-founder of Emirates Investments Group.
Emirates Investment Group (EIG) has setup ENSHAANLC, a high quality property development company which is a joint venture with National Logistics Cell (NLC) for development of the
The other major shareholder of Emirates Global Islamic Bank Limited is Al Rajhi family of
Board Of Directors
q Sheikh Tariq Bin Faisal Al Qassimi
q Abdul Ghaffar Fancy
q Mubarak Bulaswad
q Abdul Hadi A. Shayif
q
q Irfan Munawar
q Syed Tariq Husain (President & CEO)
Management
q Syed Tariq Husain President and CEO
q Bashir Hussain Shaikh Head, Credit
q Richard Rath Head, Operations
q Khawaja Maaz Khairuddin Head, Business Banking
q Shad Quraeshi Head, Risk Management
q Ahsan Raza Durrani Advisor, Investment Banking
q Abdul Qader Head, Treasury
q Ahmed Saqib Asad Chief Information Officer (CIO)
q Ahmad Jamal Khan Head, Branch Banking
q Hasnain Rizvi Head, Compliance
q Danish Fazal Head, Marketing
Vision
To become a leading Islamic commercial bank in
To provide quality and efficient Shariah compliant financial products and services, using state of the art technology to our target market through a wide and varied distribution network by a highly skilled and committed team of professionals
Values
q Customer care – quick, dedicated, unrivalled services.
q Empowerment – empowered staff to perform to the best of their abilities.
q Aligned interests – Teamwork, motivated to work in the best interest of shareholders.
q Knowledge – training and learning for all staff.
q Excellence – continuous upgrading and reassessment.
Deposits Products
Current Account
At Emirates Global Islamic Bank, they remain devoted to providing a range of Shariah compliant yet highly competitive products to offer you halal alternatives to conventional banking. they continuously strive to ensure that your financial dealings are free from Riba (interest).
Emirates Global current account is based on Islamic principles of Qarz (loan) whereby the customer is the lender and the bank is the borrower. These funds are invested with utmost care in halal business ventures only. The funds are payable to the customer on demand as and when required with neither any addition nor penalty. They at Emirates Global fulfill our responsibility of ensuring that your hard earned money remains Riba-free and you enjoy complete peace of mind.
Salient features
q Available in local and foreign currencies.
q Free from any minimum balance charges.
q Unlimited deposits and withdrawals, free of charge.
q Non-stop branch banking from 9 am to 5 pm (excluding Friday & Saturday).
q Access to more than 2000 ATMs of all banks, all over
Emirates Global products and services are approved by the bank's Shariah Advisor Justice (R) Khalil-ur-Rehman Khan, who has served as Chairman on the Shariat Appellate Bench of the Supreme Court of Pakistan and has been the Rector of the International Islamic University,
Basic Bank Account
In compliance with BPD Circular No. 30 of November 29, 2005 Emirates Global Islamic Bank also offers the Basic Banking Account to its depositors. This facility is targeted towards providing an affordable banking service to customers who are unable to maintain a high balance requirement.
The Basic Banking Account is a Rupee current account on which no profit / return will be paid to the depositor.
q Offered to individuals only.
q Account opening requirement of Rs. 1000 only.
q No balance maintenance requirement and no penalty for low balances.
q The account will be automatically closed in case of nil balance for a continuous period of 6 months.
q The customer will be allowed 2 deposits (cash or clearing) and 2 withdrawals (cash or clearing) in a month free of cost. Transactions over and above will be charged as per Schedule of Charges.
q Unlimited, free of cost Cash withdrawals through EGIB’s own ATMs will be allowed. Transactions on Non-EGIB ATMs will be charged as per Schedule of Charges.
q Statement of account will be issued once a year.
q All other services will be provided as per the bank’s prevailing Schedule of Charges.
Saving Account
The Emirates Global saving account is based on the Islamic concept of Mudaraba (Partnership). Under this arrangement the customer is the Rab-ul-maal (Investor) and the bank is the Mudarib (Fund manager). The deposit will be invested in profitable business ventures, which are legal, and Shariah compliant. The profit/loss will be shared as per a pre-determined ratio. As fund manager the bank will be entitled to a part of the profit, whereas profit distribution amongst the depositors and the shareholders will be made according to the weightage assigned at the begining of each month to their investments. Through this profitable partnership a person can enjoy halal profits on your savings.
Salient features
q Available in local and foreign currencies.
q Free from any minimum balance charges.
q Unlimited deposits and withdrawals.
q Profit will be paid every month.
q Enjoy higher profits on higher balances.
q Non-stop branch banking from 9 am to 5 pm (excluding Friday & Saturday).
q Access to more than 2000 ATMs of all banks, all over
Note:
Fees and charges will be levied according to the prevailing Schedule of Bank Charges, whereas taxes and Zakat will be applicable according to Government regulations and directives of State Bank of
Term Deposit Account
Emirates Global Islamic Bank provide a range of Shariah compliant yet highly competitive products to offer you halal alternatives to conventional banking. We continuously strive to ensure that your financial dealings are free from Riba (interest).
The Emirates Global term deposit is based on the Islamic concept of Mudaraba (Partnership). Under this arrangement the customer is the Rab-ul-maal (Investor) and the bank is the Mudarib (Fund manager). The deposit will be invested in profitable business ventures, which are legal, and Shariah compliant. The profit/loss will be shared as per a pre-determined ratio. As fund manager the bank will be entitled to a part of the profit, whereas profit distribution amongst the depositors and the shareholders will be made according to the weightage assigned at the begining of each month to their investments. Through this arrangement you can enjoy attractive profits strictly on halal terms.
Salient features:
q Flexibility to invest funds in different currencies
q Wide choice of tenors to suit your needs
q Convenient profit payment frequency options to suit your cash flows
q Non stop branch banking from 9 am to 5 pm (excluding Friday & Saturday)
q Profit can be withdrawn through more than 2000 ATMs of all banks all over
Note:
Fees and charges will be levied according to the prevailing Schedule of Bank Charges, whereas taxes and Zakat will be applicable according to Government regulations and directives of State Bank of
Alternate Channels
ATM Card
Whether it's a matter of convenience or constant access to your money, security of your assets is of prime importance. That is why Emirates Global Islamic Bank, offers you a unique ATM service that not only provides you with convenience but also cutting edge technology in the form of the Biometric authentication system through which the customer will only be allowed access after fingerprint authentication however, Non-Emirates Global Islamic Bank ATMs will require a PIN code. It is the commitment of emirates bank to give you safe and secure service 24/7.
Salient features:
q Emirates Global Islamic Bank is a member of 1-link –
q No annual charges
q Free of cost cash withdrawals (from Emirates Global Islamic Bank ATMs)
q Attractive cash withdrawal limit
q More than one account can be attached to a single card
q Funds transfer facility (within same Business Relationship Number)
q Balance enquiry
q Mini statement
q Chequebook requests
q Duplicate statement requests
Access your account(s) with the click of a button, Emirates Global Islamic Bank Limited (EGIBL) recently introduces eStatement that allows you read or print and reconcile your deposit account(s) statements online. Available for all rupee & foreign currency account holders, all you need is access to your email account to receive your eStatement.
E-Statement simplified
Their customers have the option to receive their bank statements via email on a daily, weekly, fortnightly, monthly, quarterly, half yearly and yearly basis. Choose from the various free-of-cost options available to promote a paper-free environment.
Security
Printed statements can get misplace. E-Statement stay in your inbox which makes it easier for you to organize and access your account details anywhere and anytime. EGIBL’s eStatement has been made digitally secured using VeriSign.
Eligible To Apply
All account holders will be able to avail this facility. Simply fill in the attached form and drop it at any one of their nearest branches nationwide.
Phone Banking
Imagine a bank where your queries are addressed immediately and your needs taken care of instantly. Now we give you the advantage of a dedicated Emirates Global Islamic Bank Limited Phone Banking center equipped with cutting edge technology and skilled phone banking officers who help you with your queries and transactions 24 hours a day, seven days a week.
Emirates Bank makes banking experience completely secure, cost effective and effortless by using the EGIBL phone banking facility. By dialing 111-11-EGIB (111-11-3442) from your home, office or anywhere else in the world using a touchtone phone and connect to EGIB whenever you want.
Who can apply?
q Individual Account Holders
q Joint Account Holders (either or survivor)
q Sole Proprietorship
Facilities avail with Phone Banking:
q Account Balance
q Transaction Inquiries
q Duplicate Statement Request
q Cheque Book Request
q Stop Cheque Request
q Account Linking to ATM
q ATM Card Activation
q ATM Card Blocking
q ATM Card Replacement
q Generate TPIN
q Change TPIN
q Internal Funds Transfer
q Inquiries
q Complaint Logging
Process Of Availing and Using Phone Banking:
- Collect the application form from your nearest branch.
- Fill the registration form and submit it to your nearest EGIBL branch.
- Dial their dedicated UAN and speak to a phone-banking officer who will assist you in generating your Telephone Personal Identification Number (TPIN).
- Enter your Business Relationship Number (BRN) and your TPIN to access (Phone Banking) a world of convenience.
Lockers
Emirates Global lockers are governed by the Islamic concept of 'Amanat'. When you trust us by keeping your valuables with us, we fulfill our responsibility of taking care of them very sincerely. Because it's not just a matter of your valuables, what is most valuable to us, is safe keeping your trust.
To facilitate our valued account holders, a safe deposit locker facility is available at selected branches.
Salient features:
q Comfortable surroundings
q State of the art security arrangements
q Courteous and helpful locker custodian
q Available in three convenient sizes to suit your needs
q Free insurance / takaful cover depending upon the size of your locker
q Convenient access timings from 9 am to 5 pm
Consumer Banking
Auto Ijarah
Choosing the right vehicle is as important as the means to attain it, which is why they offer Auto Ijarah, a Riba-free option enabling you to stay on the right course with the car of your own choice.
The Emirates Global Auto Ijarah is a Shariah compliant leasing agreement, whereby the asset is owned by the bank and the customer pays rent for its usage, just like paying rent for a house. The customer will make a 15% (minimum) security deposit along with the rental contract spreading over a period of 3, 4 or 5 years. On completion of the pre-agreed period the title of the asset maybe sold to the customer or the asset will be returned to the bank.
Salient features:
q Available for brand new and used vehicles
q No rentals before delivery of vehicle
q Rental payments can be scheduled to the customer's peculiar needs
q No upfront registration charges
q No upfront insurance / takaful premium
q No penalty in case of total loss or theft.
q No rental payment in case of total loss or theft
q In case of delayed payments, the customer will pay a certain amount to a Shariah approved charity
Home Financing - Al Bait
Emirates Global Islamic Bank has the solution to your entire home financing needs with Al Bait. Al Bait offers you Halal house financing options, which enable you to buy, build or renovate the home of your dreams in a purely Islamic manner.
They know, as a true Muslim you hold your beliefs close to your heart. By opting for Al Bait you can enlighten your soul by following the teachings of the Holy Quran and give faith a home in your heart.
How does Al Bait work?
Al Bait is based on the concept of Diminishing Musharaka. Under this concept you and Emirates Global Islamic Bank enter into a partnership where you and the Bank have joint ownership in the property. As part of the agreement, Emirates Global Islamic Bank will allow usage of the property to you and you in turn agree to make monthly payments for the use of the property. You also make regular scheduled investments in the partnership to increase your share in the property. Thus, with each payment your ownership in the property grows. Once you have entirely purchased the Bank’s share in the property, you become the free and clear title owner of the house of your dreams.
Why Choose Al Bait?
Financing through Al Bait is not just Shariah compliant it is also the most convenient and flexible payment option imaginable.
q 100% Riba-free
q Free Property Takaful
q Unmatched rates on transferring existing home finance facility to EGIBL.
q Financing up to Rs. 50 million
q Financing tenors range from 3 – 20 years
q Flexible monthly installments
q Financing up to 80% of your property value
q Early and partial payment option
Options available with Al Bait
q Purchase an already constructed house
q Purchase a plot and construct your own house
q Renovate or improve your existing house
q Transfer your existing house finance facility from other financial institutions to Emirates Global Islamic Bank
Eligibility
q Age 22-60 years
q Minimum Monthly Net Income of Rs. 20,000/-
q Self-Employed businessmen/Professionals or salaried individuals
Business Banking
Corporate And SME
A wide range of tailor made financing facilities are on offer to suite the needs of SME and Corporate Banking customers. Under the supervision of our Shariah Committee our dedicated Relationship Managers will provide you halal solutions to fulfill your business needs. Our financing products presently on offer are based on the principles of Murabaha and Ijarah and will cater to your financing requirements related to working capital, trade and purchase of machinery and equipment.
Products include:
q Local Purchase Murabaha
q Murabaha financing against Imported Merchandise (FIM)
q Murabaha financing against Trust Receipt (MTR)
q Export Murabaha (Pre-shipment)
q Direct Ijarah
Emirates Global offers non stop branch banking from 9 am to 5 pm with personalized attention (excluding Friday & Saturday).
The goal of their Shariah Advisory Board is to ensure that Emirates Global Islamic Bank operations strictly adhere to Islamic tenets.
The main activities of their Shariah Board are to:
q Review EGIB’s transactions and activities in order to prepare appropriate policies.
q Monitor the implementation of policies in all internal and external activities of EGIB.
q Analysis and approval by way of a Fatwa for contracts and products in light of Shariah.
q Advise EGIB on day-to-day operations.
Committee Members
Justice (R) Khalil-ur-Rehman Khan
Justice (R) Khalil-ur-Rehman Khan is the Shariah Advisor and the Chairman of the EGIBL Shariah Committee. He is a world renowned Islamic Scholar of Pakistan and has held numerous positions in various boards of prestigious Islamic institutions.
Justice (R) Khalil-ur-Rehman has served as Chairman on the Shariah Appellate Bench of the Supreme Court of Pakistan and has been the Rector of the International Islamic University,
Mufti Abdullah Najeebul Haq Siddiqi is the Deputy Shariah Advisor for EGIB. He is associated with Dar-ul-uloom,
Mufti Ehsan Waquar Ahmad
Mufti Ehsan Waquar Ahmad is a member of the Shariah Committee at EGIBL. He graduated from Jamiat-ur-Rasheed,
Before joining Emirates Global Islamic Bank Limited he was working as Director of Karachi Institute of Management Science (An institute providing MBA to Shariah Scholars, affiliated with
He is a Masters in Economics from
At present he is pursuing his MBA from Institute of Business Management (CBM).
Emirates Global Islamic Bank is the major step toward the Islamic Banking as it is completely an Islamic bank that does not deal in interest and Riba. Shariah committee of the bank is making serious efforts in developing a modern Islamic banking in accordance with the principles of Islam.
Banking at Emirates Bank is based on Islamic economic principles and legal concepts (Shariah). The basic idea governing Riba-free banking is risk sharing. Emirates bank becomes your partner in sharing profits and risks in the business instead of being a mere creditor. In other words, Islam encourages investment in order to provide a stimulus to the economy. The far-reaching advantages of these practices can be enjoyed by Muslims and non-Muslims alike. The size of the Islamic banking industry presently stands at US$ 140 Billion and is one of the fastest growing industries in the world.
q Visit At
q Emirates Bank Web Site
§ www.egibl.com
q State Bank Of
§ www.sbp.gov.pk
