MCB Bank Receives Shareholder Approval for Transfer of 39 Branches to Islamic Operations
Karachi, July 8, 2024 – MCB Bank Limited (PSX: MCB) has secured shareholder approval to incorporate 39 branches, along with all associated rights and obligations, into its Islamic banking operations. This significant development was communicated to the Pakistan Stock Exchange (PSX) on Monday.
According to the official stock filing, shareholders have authorized the transfer of assets, liabilities, and operations of 39 branches from MCB Bank Limited to MCB Islamic Bank Limited. This strategic move aims to enhance the bank’s focus on Islamic banking services.
The filing further stated, “It is resolved that the President & CEO, and/or the Company Secretary, and/or the Chief Financial Officer of MCB Bank Limited, are singly authorized to take necessary steps and measures for the implementation and completion of the Scheme.”
MCB Bank Limited, a prominent banking company in Pakistan, is actively engaged in commercial banking and related services. This transition reflects the bank’s commitment to expanding its Islamic banking footprint.
At the time of the filing, MCB Bank’s stock was trading at Rs. 227.97, marking a slight decline of 0.08 percent or Rs. 0.19, with a turnover of 134,786 shares on Monday.
This strategic realignment underscores MCB Bank’s dedication to aligning its operations with the growing demand for Sharia-compliant banking services in Pakistan.
