Bank Alfalah inaugurates Pakistan’s first
Shariah-compliant consumer finance center
Bank
Alfalah has inaugurated Pakistan’s first Digital Islamic Consumer Finance
Center (ICFC) in Karachi, introducing an integrated platform designed to
provide customers with Shariah-compliant consumer banking and financing
services under one roof.
The
new center brings together digital consumer financing, an Islamic banking
branch and a self-service digital lobby, allowing customers to explore homes,
vehicles and solar solutions available through the bank’s partner network.
Customers can also receive specialist financial advice and apply for financing
digitally during a single visit.
“This
center is the future of consumer banking. We are redefining the experience
while expanding access to Shariah-compliant solutions,” Bank Alfalah Chief
Executive Officer Atif Bajwa said.
According
to the bank, the ICFC offers a fully digital financing journey, including
instant credit assessment and approval through a digital credit agent. The
process is designed to reduce paperwork and shorten financing turnaround times.
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Bank
Alfalah said partnerships with leading developers, automotive companies, solar
providers and consumer brands allow customers to compare products and financing
options and complete the application process at the center.
The
launch also takes the bank’s Islamic banking network to 451 branches
nationwide, further expanding its presence in Pakistan’s rapidly growing
Islamic finance market.
Islamic
banking has expanded significantly in Pakistan over the past two decades and
now represents roughly one-fifth of the country’s total banking assets and
deposits. Islamic banking services are also increasingly accessible through the
country’s branch network, with nearly 42 percent of banking branches offering
such services through dedicated Islamic banks or Islamic windows operated by
conventional lenders.
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The
sector’s growth has been supported by increasing consumer demand for
Shariah-compliant financial products as well as regulatory and judicial
developments. In 2022, the Federal Shariat Court ruled that interest-based
banking was contrary to Islamic principles and directed the government to work
toward eliminating riba from the
financial system.
Bank
Alfalah’s new consumer finance center comes as Pakistan’s banking industry
continues to invest in digital channels and integrated financial services, with
Islamic banking emerging as a key area of growth.
Source: Arab News