BOK Bank has started the transfer process from a traditional bank to a fully Islamic financial institution, according to an official notice sent to the Pakistani Stock Exchange (PSX) on Thursday.
In a letter to PSX, BOK officially announced the transition according to Article 96 of the Securities Law, 2015, and paragraph 5.6.1 (A) from the PSX rules book.
“The bank started the transfer process from the traditional bank to the Islamic Bank,” read the notification sent to PSX.
BOK step reflects the increasing trend between financial institutions in Pakistan’s transformation towards banking -compatible banking models. According to the State Bank in Pakistan (SBP), Islamic banking services are defined as a banking system that is in line with the spirit of Islam, the system of values for Islam and is governed by the principles established by Islamic law. Islamic banking, the most general term, does not rely on avoiding transactions based on banned interests in Islamic law, but also to avoid unethical and non -social practices.
SBP data shows that the origins of Islamic banking industry increased by 192 billion rupees during the quarter ending in September 2024, when a total of 9881 billion rupees. Likewise, the deposits continued to grow, as it increased by 23 billion rupees during the same period to 7,596 billion rupees.
On an annual basis (YOY), the Islamic banking industry recorded 17.4 % in assets and an increase of 23.3 % in deposits. The share of Islamic banking services in the total banking industry improved slightly for the previous quarter, reaching 19 % in the total assets and 23.2 % in deposits.
Meanwhile, Prime Minister Khyber Bakhtongua Ali Amin Khan Gandabur opened Bok to Islamic banking services, and the event was attended by senior figures including a cabinet member, Aslam, an additional leader Kiper, Kiper, Kper, Pakunkhwa, Aamer Sultan Tareen, Mali Mali GOVT Of Khayber Pakhtunkhwa Beside and manage and manage it.
Hassan Raza, Managing Director and CEO of BOK respected guests and display BOK trip from 1991 to 2025, followed by his strategy to move forward with a focus on a variety of products portfolio and promotion of the current branch network.
The most prominent thing in this event was the official announcement of the transfer of Bok to the Islamic Bank that is compatible with the full law by the esteemed Prime Minister Khyber Bakhtongua Ali Amin Khan Gandabur.
CM Gandapur admitted BOK role in providing services throughout the boycott and helping to create opportunities and support individuals and companies, and pave the way for prosperity and social and economic development in the region.
Khaybar Bank was established under Khaybar Bank Law, 1991, and is mainly involved in commercial banking services and relevant services. The bank gained the case of the bank scheduled in 1994.
