Pakistan's Faysal Bank Granted an Islamic Banking License to Operate as a Full-Fledged Islamic Bank

The State Bank of Pakistan (SBP) has issued an Islamic banking license to Faysal Bank Limited (Faysal Bank), making it the second-largest full-fledged Islamic bank in the country.

Why it Matters?

The conversion of Faysal Bank from traditional banking to a system that is Shariah-compliant, is a rare occurrence both in Pakistan and globally, due to the bank's large size. Jameel Ahmed, the Governor of SBP, has stated that this conversion is a first in the country's banking history and a significant achievement for both the bank and the Islamic banking industry in Pakistan.

Details

With a network of around 700 branches, Faysal Bank will be able to offer Islamic banking services effective 1st of January 2023,The bank has al...