BankIslami Pakistan LTD. () is a Pakistani Islamic bank based in Karachi, Pakistan. It has 340 branches in 114 cities in Pakistan. It is the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from the State Bank of Pakistan on March 31, 2005. The bank started its operations on 7 April 2006 and offers shariah-compliant retail banking, investment banking, consumer banking, and trade finance products. The bank intends to focus on wealth management as the core area of business and plans to soon launch proprietary products and integrated financial planning services. The bank has a nationwide presence. Its branch network consists of 343 branches and sub-branches spread over 125 cities in Pakistan. With the amalgamation of KASB on May 7, 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. The idea of BankIslami was conceptualized by Jahangir Siddiqui & Company Limited and Randeree family in late 2003. Mr. Hasan A. Bilgram I. was appointed as adviser to the sponsors on 16th March 2004 to formalize the idea. He presented the concept paper of BankIslami to sponsors on 24 March 2004. A detailed business plan was then prepared and a formal application was submitted to the State Bank of Pakistan on 26 May 2004. On the 26th of September 2005, Dubai Bank joined the sponsors and became one of the founding shareholders of BankIslami by investing 18.75% in the total capital. Accreditation by the State Bank of Pakistan The State Bank of Pakistan issued a No Objection Certificate on 19 August 2004, and BankIslami Pakistan Limited, the second full-fledged Islamic commercial bank in Pakistan, was incorporated on 18 October 2004 in Pakistan. BankIslami Pakistan Limited was the first bank to receive an Islamic banking license under the Islamic banking policy of 2003 on 31 March 2005. The bank envisioned focusing primarily on wealth management as the core area of business in addition to sharia-compliant retail banking products, Proprietary and Third-party products, and Integrated financial planning services. Initial public offering of BankIslami BankIslami Pakistan Limited made a public offering of Rs. 400 million, at par, from 6 to 8 March 2006. This was the first primary issue by a bank in over a decade in Pakistan. The initial public offering (IPO)