Samba Bank Limited has announced its intention to convert from a conventional bank to an Islamic banking institution, according to a notice sent to the Pakistan Stock Exchange on Thursday.
In a material information disclosure, the bank stated that its Board has granted in-principle approval for the conversion plan.
“The Board of Samba Bank Limited has, in-principle, approved the plan to convert from Conventional to Islamic Bank,” the notification read.
The bank further informed stakeholders that a tentative conversion plan will be submitted to the State Bank of Pakistan for regulatory approval.
This strategic shift by Samba Bank comes amid growing demand for Shariah-compliant banking services in Pakistan, where the Islamic banking sector has been experiencing significant growth in recent years.
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