Islamic banking is one of the emerging fields in financial market and has progress a lot over the last few years. Islamic banking offers halal banking solutions to its customers. Islamic banks work according to the rules and principles of shariah. Islamic banking provides many financial facilities to the people. Islamic banking services are certified by the State Bank of Pakistan and are fit to meet the requirements of any customer. Islamic banks offer various products to its people.
Currently there are six licensed fully fledged Islamic Banks and twelve conventional banks with standalone Islamic Banking Branches in Pakistan. Islamic banking department of state bank of Pakistan controls all the activities of Islamic banks.
List of Islamic Banks in Pakistan
Islamic banking is known as Interest free Transaction in banks involve the profit ratios only based upon the clear and transparent systems of Islamic Banks in Pakistan.
Islamic banks offer profits to the account holders as well and share the loss with them also. They do not offer fixed interest rates on their deposits. The Islamic banks determine the rates of interest in accordance with their business. These banks work for the betterment of people and nation in a way that even an ordinary person can be satisfied with this kind of system. There are various factors that motivate people to choose Islamic banks are interest free loan, financial position of bank, Islamic teaching and Shariah, knowledge on Islam etc
There are many Islamic banks working in Pakistan. The list of banks is given below:
- Dubai Islamic Bank Pakistan Ltd
- Al-Baraka Bank Pakistan Ltd
- Bank Alfalah Islamic Banking
- Meezan Bank Limited
- Standard Chartered Bank (Islamic Banking)
- Askari Bank Ltd (Islamic Banking)
- MCB Islamic Baking
- UBL Islamic Banking
- HBL Islamic Banking
- National Bank of Pakistan NBP Islamic Banking
- Bank Al Habib Islamic Banking
- Burj Bank Limited Pakistan
- Dawood Islamic Bank Limited
- Emirates Global Islamic Bank Limited
These are the names of Islamic banks having accreditation license from the state bank of Pakistan.