Askari Bank (Bank)

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Article Upload Date: Thu 20 Jun 2019

    
Askari Bank Ltd (Urdu: عسکری بینک) (formerly Askari Commercial Bank) is a commercial and retail bank in Pakistan It was founded on October 9, 1991, as a Public Limited Company. On June 21, 2013 the bank was acquired by Fauji Group.[1] Fauji Group Shares The Bank is listed on the Pakistan Stock Exchange and was also listed on the stock exchanges of Karachi, Lahore and Islamabad before their merger to form the single unified Pakistan Stock Exchange. The bank acquired its license (License No. BL-7) under s.27 of Banking Companies Ordinance, 1962 from State Bank of Pakistan on 13th February, 1992. The license was issued by Mr. Saeed Haider Bhatti.

Title Description
Details
Type: Bank
Urdu Name: عسکری بینک
Traded As: Karachi Stock Exchange
Industry: Finanical Services
Founded: October 9, 1991
Headquarter: Rawalpindi, Pakistan
Key People: President & chief executive Syed M. Husaini
Product: Banking
Revenue: 34.6 Billion, 2014
Net Income: Rs 4.015 Billion PKR (2014)
Total assets: Rs. 447 Billion PKR (2014)
Consumer Banking: ASK 4 CAR, ASKCARD (Askari debit card), Master card, Mortgage finance, Personal finance, PayPak
Islamic Banking: Declared weight ages, Deposit schemes, Home Musharakah, Ijarah Bi Sayyarah, Profit rates
Branch Banking: Deposit multiplier account, Investment certificates, Mahana bachat account, Paishgi munafa account, Roshan mustaqbil deposit, Rupee traveler cheques, Value plus deposits, Value Plus Business
Agriculture Banking: Kissan aabpashi finance, Kissan evergreen finance, Kissan farm mechanization finance, Kissan tractor finance, Kissan livestock development finance
Alternate delivery channels: ATM, Call center, I-Net banking, Phone Banking, Mobile Banking


History

Askari Bank

Askari Bank

ABL was incorporated in Pakistan on October 09, 1991, as a Public Limited Company. It commenced operations on April 1, 1992 and is principally engaged in the business of banking, as defined in the Banking Companies Ordinance, 1962. The Bank is listed on the Karachi, Lahore & Islamabad Stock Exchanges and its shares are currently the highest quoted from among the new private sector banks in Pakistan. The Head office of Askari Bank, Limited is located at AWT Rawalpindi [2] Askari Bank History

Mission Statement

To be the leading private sector bank in Pakistan with an international presence,delivering quality service through innovative technology and effective human resource management in a modern and progressive organizational culture of meritocracy,maintaining high ethical and professional standards, while providing enhanced value to all our stake-holders, and contributing to society. [3] Askari Bank Mission Statement

Islamic Banking Services

  1. Askari Bank Limited opened its doors for Shariah compliant banking solutions in the year 2006 by establishing a dedicated Islamic Banking Services Division (IBSD). In a short period of time, Askari Islamic has grown considerably, and now provides a comprehensive range of products and services in personal banking, corporate banking, Islamic treasury, trade services and Banca-Takaful solutions. Our objective is to put in place an efficient banking system supportive to economic justice and welfare of society in line with the Shariah principles.
  2. Askari Islamic serves the banking needs of the valued customers through its 78 dedicated Islamic Banking branches (including 3 sub-branches) in the major cities of the country. The Bank, under its new sponsors and the new management is actively pursuing the growth of Shariah compliant banking in Pakistan.
  3. Compliance with the principles of Shariah is the cornerstone of our operations. We are driven by values, embedded in the ethics of Islamic society, established over 1400 years ago. Our ability to offer a wide array of products and services is a testament to the capacity of Islamic finance to serve all banking needs of the customers. All our products are developed under the guidance of our Shariah Board, comprising renowned Shariah Scholars namely, Mufti Muhammad Zahid, Mufti Ismatullah and Dr. Muhammad Tahir Mansoori.
  4. Our customers enjoy the freedom to choose from a wide array of deposit product menu that offer flexible term deposit schemes, current accounts and savings accounts. On the consumer banking front, Askari Ijarah Bis Sayyarah allows the customers to drive a car of their choice, while the Askari Home Musharakah allows the customers to own a home. Our continuous efforts to provide a diversified range of Shariah compliant, innovative financial products and solutions to the corporate/commercial clients continue to win us new relationships.
  5. Askari Islamic Banking is creating a niche through its services, reliability, strength of the management, and most importantly, its strong sponsors.[4] Islamic Banking Services

Askari Education Plans

As your children start taking tiny steps, the path to their bright future lies in the steps you take now to provide them with the best education in future. Askari Bank in collaboration with Jubilee Life Insurance presents Askari Smart Life Education Plan, which would help you save on a regular basis so that you may have financial security and realize the dream that you have for your children future education.[5] Askari Education Plans

Askari Saving Plans

Askari Bank in collaboration with Jubilee Life Insurance presents Askari Smart Life Savings Plan, which is a comprehensive financial planning package exclusively designed to cater to your financial needs. This plan helps you accumulate funds on a regular basis while providing life insurance protection to your family. You can use the accumulated funds for buying a new car, a beautiful home for your family, children future education or your comfortable retirement.[6] Askari Savings Plans

Askari Retirement Plans

Every person desires peace of mind and financial security after a lifetime of work and hardship. Askari Bank in collaboration with Jubilee Life Insurance presents Askari Smart Life  Retirement Plan, which helps you reach new horizons and pursue other goals with confidence. By making regular contributions in this plan, you will not have to worry about where the next pay cheque will come from or you becoming a burden on your loved ones in retirement. [7]Askari Retirement Plans

Askari Wedding Plans

It may seem as if you have plenty of time before youll need to think about saving for your children wedding expenses. With rising inflation, it is important that you start investing today to ensure that the dreams you have envisioned for your children are taken care of in your lifetime or even after that. Askari Bank in collaboration with Jubilee Life Insurance presents Askari Smart Life Wedding Plan, which gives you an opportunity to save regularly and meet the anticipated future wedding expenses of your children.[8] Askari Wedding Plans

Board of Directors

  1. Syed Majeedullah Husaini
  2. Director
  3. Mr. Farrukh Iqbal Khan
  4. Director
  5. Mr. Khurshid Zafar
  6. Director
  7. Mr. Samin Ahmed
  8. Independent Director
  9. Mr. Saqib Mukhtar
  10. Director/CEO
  11. Mr. Badr-Ud-Din Khan
  12. Independent Director
  13. Mr. Shafiq Ahmed Siddiqi
  14. Independent Director [9] Askari Bank Board of Directors

Awards and Achievements

  1. The Best Annual Report Award for the year 2012 2nd Runner-up by ICAP & ICMAP
  2. The Best Annual Report Award for the year 2011by ICAP & ICMAP
  3. Best Presented Annual Report Award and SAARC Anniversary Awards for
  4. Corporate Governance Disclosures 2011 by South Asian Federation of Accountants
  5. Best Retail Bank in Pakistan by The Asian Banker
  6. 1st Consumer Choice Award by the Consumer Association of Pakistan 2004
  7. Corporate Excellence Award by the Management Association of Pakistan (MAP) 2002, 2003 & 2004
  8. The Best Bank in Pakistann by Global Finance magazine  2001 and 2002
  9. Best Consumer Internet BankGlobal Finance magazine  2002 and 2003
  10. Euromoney and Asiamoney Awards1994, 1996 and 1997
  11. Best Presented Annual Account by (ICAP) and (ICAMP) 2000, 2001 and 2002
  12. The Best Presented Annual Accounts by South Asian Federation of Accountants (SAFA), in the SAARC region
  13. The Best Consumer Banking Award 2006 by the Consumer Association of Pakistan 2007
  14. The Best Retail Banking Award 2008by Pakistan Guarantee Export Corporation Ltd 2008
  15. Best Corporate Report Award for the year 2008by ICAP & ICMAP 2008
  16. The Best Annual Report Award for the year 2010by ICAP & ICMAP
  17. The Best Presented Accounts Award 2010 2nd Runner Up-Jointby South Asian Federation of Accountants [10] Askari Bank Awards and Achievements