Financial Business Unit

JS Financial

a.      Jahangir Siddiqui & Co. Ltd. (JS&Co)

JS&Co is one of the largest investment firms in Pakistan and heads a diversified financial services group. JS&Co has a tradition of leadership and excellence.  It was Pakistan’s first securities firm with a Wall Street pedigree through its joint venture with Bear Stearns & Co.

JS&Co is rated AA+ (long term) and A1+ (short term) by the Pakistan Credit Rating Agency and issued Pakistan’s longest-dated (10-year) corporate bond.

b.      JS Global Capital Limited (JSGCL)

JS Global Capital Limited (formerly, Jahangir Siddiqui Capital Markets Ltd.) is one of the leading investment banking and securities firms in Pakistan. Global Investment house KSCC, the leading investment bank in the Middle East has 43% shares of the company.

The principal activities of JSGCL are: 

•                      Equity, Fixed Income and Foreign Exchange Brokerage 

•                      Fixed Income and Money Market Sales

•                      Equity Sales and Investment Advisory 

•                      Corporate Finance Advisory

•                      Research

The Pakistan Credit Rating Agency (PACRA) has maintained the long-term and short-term entity ratings of JS Global Capital Limited (JSGCL) at “AA” (Double A) and “A1+” (A One plus) respectively.

c.      JS Bank Limited (JSBL)

JS Bank is a renowned commercial bank with a host of services catered for people of all walks of life. Its dynamics make it stand out and its services reach far out to both individuals and corporate. JS Bank Limited also has a Primary Dealer license for government securities from the State Bank of Pakistan and is recognized as no.1 primary dealer by State Bank of Pakistan for the year 2010-2011. 

JS Bank Limited has been formed after the merger and amalgamation of Jahangir Siddiqui Investment Bank Limited and commercial banking operations of American Express Bank Ltd Pakistan. JS Bank Limited commenced operations in Pakistan as a fully scheduled bank on December 30, 2006. JS Bank is considered one of the fastest growing banks in Pakistan with over 132 branches present in more than 67 cities nationwide.

The Pakistan Credit Rating Agency (PACRA), which is Pakistan's premier credit rating agency, has upgraded the long term and short entity ratings of JS Bank to A (Single A) and A 1 (A one) respectively.

d.      JS Investments Limited

JS Investments Limited (JSIL) is the oldest and one of the largest private sector Asset Management Companies in Pakistan, with over PKR 12.81 billion (as at June 30, 2011) in assets under management, spread across various mutual funds, pension funds and separately managed accounts. The company is listed on the Karachi Stock Exchange and has a market capitalization of over PKR 510 million (as at June 30, 2011).

e.      EFU Insurance Group

EFU General is engaged in the general insurance business comprising of fire, marine, motor and engineering insurance. EFU Insurance Group was established in 1932 as the Eastern Federal Union Insurance Company and grew to become the largest life assurance company in Asia (excluding-Japan) from 1961.  In 1972, the life assurance business was nationalized but EFU continued as a general insurance company.  Today, it is Pakistan’s second-largest general insurer.

In 1992, the private sector was again permitted to carry out life assurance and EFU Life Assurance was launched by EFU General in conjunction with the JS Group.  Today, this company is the largest private sector life assurance company in Pakistan with a sales force of over 1,500 people and over 50% share of the life insurance business.

f.       Bank Islami

Bank Islami Pakistan Limited was the second Islamic Commercial Bank  to receive the Islamic Banking license under the Islamic Banking policy of 2003 from State Bank of Pakistan on March 31, 2005. Bank Islami started its operations from April 7, 2006 and offers shariah compliant retail banking, investment banking, consumer banking and trade finance products.

Bank Islami Pakistan Limited is a fully licensed Islamic commercial bank. Presently, the nationwide branch network of Bank Islami consists of 102 branches spread over 49 cities of Pakistan. Bank Islami has the distinction of having the fastest expanding Islamic banking network in Pakistan as well as offering the widest network by any Islamic Bank in Pakistan.

The epochal idea of Bank Islami was conceptualized by Jahangir Siddiqui & Company Limited and DCD Group in late 2003. Dubai Bank was one of the founding shareholders of Bank Islami which invested 18.75% in the total Capital. The State Bank of Pakistan issued a No Objection Certificate on August 19, 2004 and Bank Islami Pakistan Limited, the second full-fledge Islamic Commercial Bank in Pakistan, was incorporated on October 18, 2004 in Pakistan.