Demerger from NIB Bank

MCB Islamic Bank Limited undertook a second demerger whereby banking business of ninety (90) branches of MCB Bank Limited (MCB) along with the assets, rights, liabilities, operations, systems, staff, assets of back office functions and obligations were transferred to MCB Islamic Bank by operation of law. The banking business of these ninety (90) branches was converted into Islamic banking business pursuant to the compliance of applicable regulatory permissions. The Honourable Lahore High Court sanctioned the Scheme and the business of these 90 branches was transferred from MCB with effect from the close of business on June 01, 2018.