SBP issues Islamic banking license to Faysal Bank

• “The team of Faysal Bank has made history.”
• “Conversion of Faysal Bank is first of its kind,” says SBP governor.
• FBL carries the highest local Sharia rating

KARACHI: 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.

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 ground breaking accomplishment, not only for the bank, but also for Pakistan’s Islamic banking industry.”

Farooq Rahmatullah Khan, Chairman BoD of Faysal Bank 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 one as the bank continues on its growth trajectory in the years to come also.”

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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.”

On the occasion, Yousaf Hussain, President and CEO of FBL 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, 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 widest 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, FBL has a footprint in 253 cities/towns across Pakistan.