In a significant development that underscores its continued growth and operational expansion, BankIslami Pakistan Limited has announced the acquisition of the iconic KASB Altitude building—a 32-storey commercial tower located in Clifton Block 1, Karachi. The bank intends to use the newly acquired property as office premises, reflecting its long-term vision and strengthening presence in the Islamic banking sector.
The acquisition was officially disclosed in a notice to the Pakistan Stock Exchange (PSX) on Tuesday. While the bank did not reveal the financial value of the transaction, it confirmed that all necessary legal and procedural requirements had been completed prior to finalizing the deal.
“Pursuant to satisfactory due diligence, obtaining the requisite approvals, structural testing and consents, completing the necessary formalities, and execution of appropriate contracts, the Bank has successfully acquired KASB Altitude, a strategically located 32-storey commercial building in Clifton Block 1, Karachi, for the Bank’s office premises,” the statement read.
The acquisition comes at a time when BankIslami is enjoying robust financial health, allowing it to make forward-looking real estate investments. The bank’s decision to invest in high-value infrastructure signals its confidence in future growth and commitment to establishing a modern, scalable, and centralized workspace to support its expanding operations.
BankIslami’s strong financial footing has played a key role in enabling such a bold move. In 2024, the bank reported a substantial 24.4% increase in pre-tax profit, reaching Rs25.5 billion, highlighting its solid footing in Pakistan’s competitive Islamic banking landscape. Even amid macroeconomic headwinds and a shifting regulatory environment, the bank recorded a 7.1% rise in net profit, bringing it to Rs11.8 billion for the year.
This positive performance reflects the bank’s effective risk management, diversified financial products, and growing customer base. Its strong financial results also signal increasing investor confidence, with the bank’s share price reflecting stability. As of the latest session, BankIslami’s stock was trading at Rs20.27, up by Re0.07 or 0.35% on the PSX.
The newly acquired KASB Altitude building, once one of the tallest commercial structures in Karachi, is expected to offer a significant upgrade in workspace for the bank’s employees and allow for greater operational efficiency. Located in one of the city’s prime commercial districts, the tower provides easy access to business hubs and government institutions, adding strategic value to the investment.
This acquisition is seen by many industry watchers as more than just a real estate transaction. It marks a symbolic step forward for BankIslami as it deepens its footprint in Pakistan’s banking ecosystem. The move also highlights the growing trend among leading financial institutions in Pakistan to invest in long-term infrastructure to improve service delivery, attract talent, and enhance internal operations through centralized workspaces.
As the Islamic banking sector continues to grow and mature in Pakistan, BankIslami’s investment in physical and operational capacity signals its readiness to lead the industry into a new era of innovation, stability, and customer-centric growth.