Bank Alkhair, Bahrain’s Islamic bank, has obtained approval from the State Bank of Pakistan to sell its stake in Pakistan’s Burj Bank to Al Baraka Pakistan, a subsidiary of Al Baraka Banking Group. Bank Alkhair group CEO Ayman Sejiny said the bank manages its investment portfolio to ensure that the investments support the company’s strategic direction. In keeping with this, the bank is selling the stake in Pakistan’s Burj Bank to Al Baraka Pakistan, which is a subsidiary of Al Baraka Banking Group, a leading Islamic bank in Bahrain. Bank Alkhair was Burj Bank’s major shareholder, followed by Jeddah-based Islamic Corporation for Development of the Private Sector. Earlier, Burj Bank had decided to merge with Al Baraka Pakistan.
