| The group started with a cloth trading business in the industrial
city of Faisalabad. Late Haji Sheikh Mohammad Ibrahim, founder
of the Ibrahim Group, settled in Faisalabad after partition
of India in 1947 and re-established his ancestral business of
cloth trading by the name of “Ibrahim Agencies”.
What is known in business today as Ibrahim Group with diversified
business interests from Spinning to PSF, Financial Institutions
to Banking and Energy, started off as a mere cloth trading agency
just half a century ago.
It was middle of the fifties, when Sheikh Mukhtar Ahmed,
present Chairman of the group, joined in this family business.
It was then, that he took initiative to integrate the business
vertically upwards adding up yarn trading as an additional
line of business. Turning out to be a milestone in the future
progress, it did not take long before the group was widely
reputed and respected in marketing of cotton and blended yarns.
Backed by this goodwill and experience in marketing, in 1980,
manufacturing of own blended yarn was initiated by establishment
of Ibrahim Textile Mills Limited. With long term considerations
and a simple principle of “no compromise on quality”two
more textile spinning companies; A.A. Textiles Limited in
1982 and Zainab Textile Mills Limited in 1987 were established.
A power generation Company Ibrahim Energy Limited was incorporated
in 1991 to improve the efficiency of the existing manufacturing
companies. All these manufacturing companies have now been
merged into Ibrahim Fibres Limited.
The Group diversified into the financial services by floating
First Ibrahim Modaraba and also established a leasing company;
Ibrahim Leasing Limited. Subsequently First Ibrahim Modaraba
was merged into Ibrahim Leasing Limited. Upon declaration
of the privatization policy by Government of Pakistan, Ibrahim
Group together with other leading groups participated in the
bidding to acquire controlling shares of Muslim Commercial
Bank Limited.
Under the scheme of reconstruction proposed by State Bank
of Pakistan, Consortium of Ibrahim Leasing Limited, Ibrahim
Group and its sponsors acquired more than 75% of the shareholding
of Allied Bank of Pakistan Limited. Management and control
of the Bank was handed over to Ibrahim Group on August 19,
2004. At present Ibrahim Group is holding more than 80% shareholding
of this bank. One of the top five banks of Pakistan, Allied
Bank has more than 742 branches across the country with 7,139
employees and financial assets of Pak Rupees 234 billion.
The Group plans to inject its own dynamism and energy in the
bank to turn it into a premier financial institution of the
country. After the acquisition of the bank Ibrahim Leasing
Limited has been merged into Allied Bank limited.
The strength of the group today stands manifold with entrepreneurial
skills and visionary leadership of Sheikh Mukhtar Ahmed added
with fresh concepts and professional skills of Mohammad Naeem
Mukhtar who has done his MBA from the University of Wales,
Cardiff, UK. and Mohammad Waseem Mukhtar who has done his
Bachelor in Computer Science and Masters in Total Quality
Management (TQM) from the University of Glamorgan, Wales,
UK. |
