MCB Bank Ltd (MCB), one of Pakistan’s leading Banks, has made a capital injection of Rs4b into its wholly owned subsidiary, MCB Islamic Bank Limited (MCB Islamic). The investment will help MCB Islamic meet regulatory capital requirements and support its aggressive expansion plans that encompass branch expansion, increase in lending capacity and development of innovative financial services and digital banking solutions. Speaking about the investment, Mr Shoaib Mumtaz, President & CEO MCB Bank said “This injection of capital is testament to MCB Bank’s long-term commitment to Islamic Banking and confidence in MCB Islamic Bank’s potential for future market leadership. With a historic brand legacy and dynamic new management, MCB Islamic Bank is well primed to address the challenges of the modern financial landscape while providing customers with quality and affordable Islamic financing services that reliably meet their every need.” Speaking about the capital injection, Mr Muhammad Afaq Khan, President & CEO MCB Islamic Bank said, “The injection of capital in MCB Islamic is a sign of trust in the growth of the bank and the MCB Islamic brand by MCB Bank and its Board. With this inflow of capital, MCB Islamic will be better positioned to meet market demands and enhance our ability to provide innovative Islamic Banking solutions to our customers.” MCB Islamic Bank Limited is a wholly owned subsidiary of MCB Bank Limited and commenced its operations in 2015 with the aim of being the first choice Shariah compliant financial services provider of Islamic banking customers.
On a consolidated basis, MCB Islamic currently operates a diverse network of over 180 Islamic Banking branches and ATMs. Mr Muhammad Afaq Khan was recently appointed as the new President by its Board of Directors. Mr Afaq Khan brings with him over thirty years of experience as a successful Islamic Banking professional. He has advised multiple successful ventures in Islamic banking and has also won several Islamic Banking Awards.