KARACHI: Bank Islami, one of the leading Islamic financial institutions in Pakistan, has launched a pivotal initiative by promoting its interest-free banking services that are accessible to people from diverse backgrounds and religions. This move reflects BankIslami’s mission to promote ethical and inclusive banking in Pakistan’s financial landscape, which is consistent with the principles of Sharia compliance while upholding social responsibility and transparency.
Usury is forbidden in almost all religions due to its unjust nature. This is why Islamic banking appeals to people of all faiths, and promotes inclusivity by offering fair and transparent financial alternatives. Furthermore, the global Islamic finance industry, now valued at more than $3 trillion, is growing rapidly, demonstrating the growing demand for ethical and Sharia-compliant solutions.
This initiative comes amid growing interest in alternative banking models, and the Islamic Bank is working to raise awareness about the benefits of ethical, usury-free banking to encourage broader participation in the country’s financial system.
The launch event, which was held at Karachi’s Mohatta Palace, was attended by dignitaries including State Bank of Pakistan (SBP) Governor Jamil Ahmed, Deputy Governor Saleemullah, IG Sindh Ghulam Nabi Memon, and leaders from the banking industry, public sector and investors. other industries, reflecting widespread support for the Islamic Bank’s efforts towards financial inclusion and ethical banking.
State Bank of Pakistan Governor Jamil Ahmed said: “At State Bank, we envision a Pakistan where Islamic finance drives growth and benefits everyone. We aim for a fair and modern financial system, accessible to everyone, regardless of background or financial situation. The Islamic Bank’s vision of “saving humanity from usury” highlights the commitment to making banking services inclusive for all. The State Bank is proud to support the growth of Islamic banking in Pakistan.”
