Faysal Bank to Convert Into an Islamic Banking Institution

Pakistan’s premier banking institution, Faysal Bank Limited, reiterated its plans at IBA City Campus to convert into a full-fledged Islamic banking financial institution over the next few years.

Faysal Bank currently has a branch network of 455 branches with 255 dedicated Islamic branches. 100 new Islamic branches are to be opened this year, the bank intends to consolidate its network of around 600 plus branches.

Speaking at the ceremony, Yousaf Hussain, CEO of Faysal Bank stated,

The fast-growing Islamic banking industry in Pakistan requires qualified and well-trained people in many disciplines and at all levels. Our partnership with IBA CEIF is a strategic alliance which will ensure the provision of skilled human resources in the field of Islamic banking. This partnership will not only benefit us, but the entire Islamic finance industry as well.

Dr Ishrat Hussain, Chairman IBA Centre for Excellence in Islamic Finance (CEIF) presented a detailed account of recent achievements of IBA CEIF and its MS IBF Program. He also elaborated on how these funds will be used to provide scholarships to deserving MS IBF students who are selected on merit and need basis by the university’s scholarship committee. Graduating students will henceforth be called “Faysal Bank Scholars”.

The combined market knowledge and insights from Faysal Bank and IBA CEIF can make meaningful contributions to equipping future generations with knowledge and education so that they can become an asset to our country and play their role in serving the nation.

  • Faysal Bank was infact registered as Islamic bank and around a year back the SBP had given final deadline to adopt the islamic banking stream. Hence the bank decided to change the outlook to islamic bank.
    The question now remains that what will happen to the assets which were made from the income/profits coming from the conventional banking business. Will the FB be able to nullify the image of Riba mixed assets/income. This remains to be seen and also the response from the consumers.

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