Faysal Bank Obtains Islamic Banking License

The 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.

The conversion of Faysal Bank Limited from the conventional banking system to Shariah-compliant is a unique example not only in Pakistan but worldwide considering its size of assets and operations. Now, Faysal Bank will be the second biggest full-fledged Islamic bank with about 700-branch network.

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

Farooq Rehmatullah Khan, Chairman BoD of Faysal Bank said that 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 one as the bank continues on its growth trajectory in the years to come also," he added.

Expressing his delight on the issuance of Islamic banking license, Ahmed Abdulrahim Mohamed Abdulla Bucheery, Vice Chairman 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.

(Source: Business Recorder)