of BankIslami received overwhelming response from the general public as the applications received were nine times higher than offered, fetching nearly Rs. 3.5 billion, against the demand of Rs. 400 million. Inauguration and network expansion The State Bank of Pakistan declared BankIslami Pakistan Limited as a Scheduled Bank with effect from 17 March 2006. BankIslami started its banking operations on 7 April 2006 with its first branch in SITE, Karachi. By the end of 2006, the bank had 10 branches, nine in Karachi and one in Quetta. The bank further concentrated on building a nationwide network and by the end of 2007, its branch network grew to 36 branches in 23 cities. In 2008, the bank opened 66 new branches nationwide which expanded its network to 102 branches in 49 cities. By the end of 2013, the bank has achieved the target of 201 branches in 77 cities nationwide. Currently, BankIslami is operating 213 branches in 80 cities in Pakistan. With the amalgamation of KASB, on 7 May 2015, all 104 branches of KASB have become part of BankIslami’s branch network. BankIslami is now the 11th largest banking network in the country with 317 branches in 93 cities nationwide. Sponsors BankIslami is the joint venture project of three groups namely JS Group, Randeree Group, and Emirates NBD. The bank is also publicly traded on the Pakistan Stock Exchange (PSX). Randeree family Mr. Ahmed Goolam Mahomed Randeree and Mr. Shabbir Ahmed Randeree are the sponsors of BankIslami in their personal capacity. The history of the modern Randeree family can be traced back to Jersey (in the Channel Islands) in 1975. After three decades of trading, today the family concern has its family investment office based out of the DIFC (Dubai International Financial Centre) with its operations extending to London, New York, and Dubai. The Randeree family's core business activities are concentrated in the real estate and banking sectors. The real estate division of the Randeree family concentrates on enhancing and delivering long-term gains for the family concern and its partners internationally. The family concern has built its track-record primarily in the UK and US, then spread to the Middle East and a selected number of Far East and African destinations. As of June 2007, the total value of properties owned and/or managed by the Randeree family was in excess of US $3.0 billion. The Randeree family's interests in the banking sector