Faysal Bank to become Islamic Bank from 2023
Faysal Bank Limited will start operating as a fully fledged Islamic bank as of 2023, having converted more than 90% of its operations to Islamic banking
Chief Financial Officer Syed Majid Ali recently stated during a media briefing that the bank’s board of directors has given the go-ahead for the application for an Islamic bank licence, which will be issued by the banking regulator by December 2022.
Given the extent of its activities and assets, he continued, Faysal Bank Limited’s conversion from the conventional banking system to Sharia-compliant will be a singular example not just in Pakistan but also globally.
The CFO continued, “We’ve been asked to share the conversion experience as a study by different colleges that will also be used as a model for various financial institutions having plans for conversion in the mode of operations.
He said that Faysal Bank’s management has been assisted in its efforts to transition to the Islamic banking system by the State Bank of Pakistan (SBP).
Faysal Bank to become Islamic Bank from 2023
The expansion of Islamic banking in Pakistan has exceeded that of traditional banking, according to Muhammad Faisal Shaikh, Head of Islamic Banking, in large part due to Pakistani clients’ preference for Islamic banking over interest-based banking.
Faysal Islami in collaboration with (SBP) is hosting First Mega Webinar where Mr. Yousaf Hussain, President & CEO of Faysal Bank will be speaking on the Bank’s transformation journey to a full-fledged Islamic Bank.
Join us LIVE on Saturday, Aug 27th 2022 at 6:00 p.m. PST. pic.twitter.com/FJiuWAyGJP
— Faysal Bank Limited (@Faysalbankltd) August 23, 2022
