Faysal Bank to offer ‘Islamic only’ banking now

 

Faysal Bank to offer ‘Islamic only’ banking now

Faysal Bank Ltd, the leading private sector bank, is to offer Islamic banking only to its customers.

The shift occurred after the bank surrendered its conventional banking license to the State Bank of Pakistan and received an Islamic banking license instead.

Now, Faysal Bank will offer its services as an Islamic bank from Jan 1, 2023.  

Five Islamic banks and 17 conventional banks with Islamic banking branches are operating in Pakistan. The share of Islamic banking assets in the overall banking industry is 18.6 per cent while the share of Shariah-compliant deposits stands at 19.4pc.

Faysal Bank has now become the sixth full-fledged Sharia-compliant bank. “There’s never been a conversion of a conventional bank to an Islamic bank at such a massive scale,” according to Syed M1ajid Ali, chief financial officer of the bank. 

Jameel Ahmed, Governor State Bank of Pakistan, in his comments said: “Conversion of Faysal Bank is first of its kind in the banking history of Pakistan. This is a groundbreaking accomplishment, not only for the bank, but also for Pakistan’s Islamic banking industry.”