ISLAMABAD: Bank Islami Pakistan is awaiting regulatory approval to issue shares worth Rs4.3 billion, the lender said in a bourse filing.

Karachi-based Bank Islami aims to raise its capital to Rs10bn by end of this year to meet central bank regulatory requirements, while keeping pace with double-digit growth in its financing book.

As of September, the bank held Rs102.9bn in assets, a 26.6 per cent growth from a year earlier, with total net financing up 31.4pc during the same period, according to bank financials.

The bank has the second largest network of Islamic branches in the country, and plans to open a total of 12 branches this year, down from the 60 it opened in 2013.

Bank Islami was launched in 2005 and backed by local investors and Dubai Bank, which is currently listed as its largest shareholder with a 24.8pc stake. Dubai Bank was acquired by Emirates NBD in 2011.

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