BankIslami, one of Pakistan’s leading Islamic financial institutions, has announced a new initiative aimed at making its riba-free (interest-free) banking services more accessible to individuals from all faiths and backgrounds. This step highlights the bank’s dedication to promoting ethical and inclusive banking practices, aligned with Shariah principles and social responsibility.
Riba, or interest, is prohibited in many religious traditions because of its exploitative nature. As a result, Islamic banking, with its focus on fairness and transparency, attracts individuals from diverse faiths by offering equitable financial alternatives.
The global Islamic finance industry, now valued at over $3 trillion, continues to experience rapid growth, driven by rising demand for Shariah-compliant financial solutions. BankIslami’s latest initiative aims to build on this momentum, advancing financial inclusivity in Pakistan’s banking sector.
The launch event, held at the historic Mohatta Palace in Karachi, was attended by key figures including the Governor of the State Bank of Pakistan, Jameel Ahmad, Deputy Governor Saleem Ullah, and IG Sindh Ghulam Nabi Memon. Their presence underscored the broad support for BankIslami’s efforts to foster financial inclusivity across the country.
Governor Jameel Ahmad expressed the State Bank’s support for BankIslami’s mission, emphasizing, “BankIslami’s drive to ‘save humanity from riba’ aligns with our vision of creating a fair and accessible financial system for everyone. The State Bank fully supports the growth of Islamic banking in Pakistan.”
Rizwan Ata, CEO of BankIslami, reiterated that the initiative reflects the values of Pakistan’s founder, Quaid-e-Azam Muhammad Ali Jinnah, saying, “By offering riba-free solutions, we aim to build trust and promote transparency in Pakistan’s banking sector.”
Imran H. Shaikh, Deputy CEO of BankIslami, added, “Islamic banking isn’t exclusive to Muslims; it’s for anyone who values fairness. At BankIslami, we are committed to creating an inclusive banking experience that respects and serves everyone.”
To promote understanding of Islamic finance, BankIslami has collaborated with clerics from various religious backgrounds, ensuring trust and awareness across communities. The initiative seeks to provide previously underserved individuals with access to a fair, ethical banking system, featuring shared risk, asset-backed transactions, and a commitment to social responsibility.
