SBP issues Islamic banking license to Faysal Bank

SBP issues Islamic banking license to Faysal Bank

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

Commenting on the momentous occasion, Governor State Bank of Pakistan Jameel Ahmed 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.”

Chairman Board of Directors of Faysal Bank Farooq Rahmatullah Khan said, “The team of Faysal Bank has made history with a landmark achievement of the world’s largest conversion of a conventional bank to an Islamic one. I have complete faith that Shariah compliance will be our strongest motivator in making this transformation the most successful as the bank continues on its growth trajectory in the years to come.”

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Expressing his delight at the issuance of an Islamic Banking license, Ahmed Abdulrahim Mohamed Abdulla Bucheery, Vice Chairman of BoD of Faysal Bank said, “This unprecedented effort and great achievement is reflective of the Bank’s firm resolve to be the best Islamic Bank in the country, contributing majorly towards the growth of Islamic Banking industry”

On occasion, Yousaf Hussain, President and CEO of Faysal Bank said, “The transformation has indeed been a journey of faith, belief, commitment and determination to succeed. On this momentous occasion, I would like to thank the State Bank of Pakistan, our valued customers, the Board of Directors, Shariah scholars and our employees for their continued support and partnership.”

FBL carries the highest local Sharia rating of SCFR1 by the International Islamic Rating Agency (IIRA) and provides the best and most comprehensive range of Shariah-compliant banking products and services to meet their customer’s Halal banking needs with convenience. With an expanding network of almost 700 Islamic branches, Faysal Bank has a footprint in 253 cities/towns across Pakistan.

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