Summit Bank to launch Noor Bank
By Muhammad Yasir
KARACHI: The Summit Bank has planned to step in Islamic banking network with the launch of Noor Bank in the next few months, which is aimed at cashing in on the opportunities in commercial and domestic sectors with various Sharia-based products and services.
Summit Bank President and CEO Hussain Lawai on Saturday told Daily Times an interest-free and commercial bank is being planned to open countrywide with an exclusive banking model which caters exclusively to the business needs of Small and Medium Enterprises (SMEs) of the country.
He said that Noor Bank will be unique bank of its kind as it will focus on the biggest segments of commercial sector in volumes and values both on the basis of Mudaraba and Musharaka.
There is a huge potential existing in the SMEs sector as medium-sized corporations, food chains, branded wholesales and retailers’ outlets are few of the segments that need a financial partner to grow their business and maintain their finance through its services, he said.
The Islamic bank will not only target the commercial sectors but it will also offer consumer-banking services to potential customers on Sharia compliance, he added.
At present, the Summit Bank has filled a licence application in State Bank of Pakistan (SBP) whereas it is carrying out its homework to train staff members, branches network and technology deployments.
The issuance of the licence will take a couple of months from the SBP, on the other hand, the bank management has done its major work to launch its associated bank and its Islamic banking services.
Summit Bank’s management has been working on fast track to launch Noor Bank throughout the country and it will formally start its commercial operations soon after the go-ahead signal from banking regulators, Lawai said.
There will be six to seven branches of the bank to be set up by the end of 2013, he added.
Summit Bank is a merger of three banks - Arif Habib Bank, Atlas Bank and My Bank - with 166 branches across the country.