Al-Abbas Sugar Mills amongst others. Amalgamation with KASB Bank Limited State Bank of Pakistan has proposed the amalgamation of KASB Bank Limited (KASB) into BankIslami Pakistan Limited at a token price of Rs 1,000. Sources told Business Recorder that SBP has initiated the amalgamation process of KASB Bank into BIPL pursuant to the powers conferred on them under section 47 of the Banking Companies Ordinance 1962, as six months moratorium imposed on KASB Bank is being completed next month and before that, the regulator is required to complete its restructuring in order to protect the investors' interest. Initially, some four banks including JS Bank, Askari Bank, BankIslami and Sindh Bank were intending to acquire KASB Bank operations and approached SBP to get NoC for due diligence of KASB for proposed acquisition. However, now SBP has selected BankIslami for amalgamation of KASB Bank. KASB Bank has been facing a severe capital shortfall in terms of both minimum capital requirement (MCR) and capital adequacy ratio (CAR) since 2009. As of 30 September 2014, the bank's MCR (free of losses) was in the amount of Rs 0.958 billion with a CAR of negative 4.63 percent against the required levels of Rs 10 billion and 10 percent, respectively. On 7 May 2015, KASB Bank merged with BankIslami Pakistan Limited with its branch network of 104 which made BankIslami a bank of 317 branches in 93 cities. Muskun Home Financing Interwood signed an MOU with BankIslami for providing its customers with an option of paying in installments its products under Home Purchase/Renovation category through Muskun Home Financing. See also Economy of the OIC References External links 2006 establishments in Pakistan Banks established in 2006 Islamic banks of Pakistan Companies based in Karachi Companies listed on the Pakistan Stock Exchange Pakistani subsidiaries of foreign companies