MCB Bank Limited (PSX: MCB) has announced that it has received shareholder approval to incorporate 39 branches, along with all associated rights and obligations, into its Islamic banking operations, as communicated to the Pakistan Stock Exchange on Monday.
According to the stock filing, shareholders have endorsed the transfer of the banking business, encompassing assets, liabilities, and operations of the 39 branches of MCB Bank Limited, into MCB Islamic Bank Limited.
“Further resolved that the President & CEO and/or the Company Secretary and/or the Chief Financial Officer of MCB Bank Limited, singly, be and are hereby authorized to take any steps/measures for the implementation and completion of the Scheme,” the filing stated.
MCB Bank Limited, incorporated in Pakistan, is engaged in commercial banking and related services. This strategic move aligns with the bank’s ongoing efforts to expand its Islamic banking footprint and cater to the growing demand for Shariah-compliant financial products and services.
At the time of filing, the bank’s stock was trading at Rs. 227.97, down 0.08 percent or Rs. 0.19, with a turnover of 134,786 shares on Monday.
This development marks a significant step in MCB Bank’s strategy to enhance its Islamic banking operations, reflecting its commitment to providing diverse financial solutions to its customers while adhering to Islamic principles.