Emirates Global Islamic Bank (EGIB) shareholders announced the approval of a merger with Al Baraka Islamic Bank BSC (C) at a meeting which was held on Tuesday 27th 2010.

Al Baraka Islamic Bank BSC (C) (Bahrain), a wholly owned subsidiary of Al Baraka Banking Group (ABG) (Bahrain), and Emirates Global Islamic Bank have announced their intention to merge the branches of Al Baraka Islamic Bank in Pakistan and Emirates Global Islamic Bank limited for the first merger in the Islamic Banking Sector in Pakistan.

The merger is set to accomplish a profit with assets in excess of $582 million and a network of 89 branches covering 40 cities and towns in Pakistan. Emirates Global Islamic Bank have already set out to seek the approval from regulatory authorities in Bahrain and Pakistan. The merger will help to further strenghthen the Islamic financial sector of Pakistan.The merger of the banks will carry the name of Al Baraka Bank Pakistan and be managed by ABG Group. The ABG Group has substantial capital resources and currently operates in 12 different countries with a total of 300 branches worldwide.

Al Bakara Bank Pakistan will commence operations with an extensive branch network that would enable it to play a leading role in the Pakistani banking market and offer full range of Islamic banking services, supported by the extensive resources and expertise of the well-established parent company. Al Bakara Bank Pakistan will also be able to further strengthen the Islamic banking sector of Pakistan.

President & CEO of Emirates Global Islamic Bank, Syed Tariq Husain said in a statement that, "“The merger of the two banks will give the new entity the footprint in the Pakistan market to take the bank to the next level, and to enable customers of the merged bank to enjoy the best Islamic products in a Shariah compliant environment, and will play a leading role not only in the Islamic banking sector but in the Banking industry as a whole”.