10 November 2004	Wednesday	26 Ramazan 1425

KARACHI, Nov 9: National Bank of Pakistan (NBP) will open its first Islamic banking branch here early next month to offer Sharia compliant products to its clients.

NBP President Syed Ali Raza stated this at an Iftar party here on Tuesday. He said that two other branches would be opened at Islamabad and Lahore later in the month while six more branches would be opened in big cities including Lahore, Islamabad, Peshawar, Multan and Faisalabad early January 2005.

Mr Raza said that NBP was heavily investing in technology and about $25 million would be pumped in during next three years for this purpose.

He said that 65 new ATMs would be installed all over the city by the end of this year to provide cash withdrawal facility for NBP's ATM card holders.

He said NBP was slow in the implementation of technology, but it would now take lead in this field as most of the new products are technology based.

He said that the bank was concentrating on human resource development and training of staff. Most of the staff has been trained in different fields.

Syed Salamatullah, head of Islamic Banking Division, speaking on the occasion said that an adviser had been acquired from Justice Taqi Usmani Centre for Sharia Board.

He said that purely Shariah compliant banking products would be offered at these branches. These products were currently under preparation, he added.-APP