MCB to open Islamic banking branches

KARACHI, Dec 21: Muslim Commercial Bank Ltd will open dedicated Islamic banking branches at its selected premises to offer the entire range of Islamic mode of financing.

This was stated by head and SEVP, Corporate and Islamic Banking Group, MCB, Shoaib Qureshi, while speaking at a Haj seminar organized by the bank for pilgrims at New Haji Camp here on Saturday.

He said that an announcement in this regard would be made in a couple of months. “This will be a pure Islamic banking and the entire branch will deal in the Islamic way of finance,” he added.

Qureshi said the beginning of Islamic banking at MCB was in line with the bank's commitment to pursue riba free banking for those clients who preferred to conduct their business in a Islamic way.

He said special counters had been opened at MCB branches to cater to banking needs of pilgrims, including exchange of currencies, ATM cards. He pointed out that MCB ATM card holders can withdraw 700 Saudi riyals per day through ATM branches of Bank Al-Jazirah and other banks in Jeddah, Mecca and Madina. He said special counter was created for pilgrims to get their ATM cards at Haji camp.

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