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Bank Islami may by KASB Bank

Bank Islami Pakistan, the second-largest full-fledged Islamic bank in that country, is expected to buy troubled lender KASB Bank for a nominal fee. Bank Islami had received regulatory approval to study an acquisition that would add 105 branches to its existing network of 213. The central bank imposed a six-month moratorium on KASB Bank in November as the lender struggled to meet capital adequacy requirements. The proposed deal would see Bank Islami absorb all assets and liabilities in exchange for a nominal cost of 1,000 rupees. The deal would require the conversion of KASB Bank’s conventional financial products into sharia-compliant ones.

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