SIBL looking to transform into Islamic Bank
Security Investment Bank Ltd (SIBL) plans to convert into Islamic bank.
SIBL told the Pakistan Stock Exchange on Friday that its board has decided to transition into a Sharia-compliant entity.
The private bank is licensed to carry out investment finance services as a non-banking finance company (NBFC) under the Companies Act, 2017.
SIBL has also applied to the Securities and Exchange Commission of Pakistan (SECP) for a certificate as a Sharia-compliant company under Section 451 of the Companies Act 2017.
Securities and Exchange Commission of Pakistan in a statement said the conversion will be a multi-stage process, and it will ensure a smooth transition with minimal disruption to the customers.
Source: Dawn.com