Samba Bank Limited has received in-principle approval from the State Bank of Pakistan (SBP) to commence Shariah-compliant business and operations, marking a significant step in the bank’s planned conversion from a conventional to an Islamic financial institution.
The approval, announced in a notice to the Pakistan Stock Exchange (PSX) on Thursday, is subject to the fulfillment of all prescribed regulatory requirements and conditions set by the central bank.
Samba Bank had earlier communicated its conversion plan to the PSX in March 2025. The latest development paves the way for the bank to expand its offerings in line with Islamic banking principles, pending final regulatory clearances.
The bank has notified the relevant authorities, including the Securities and Exchange Commission of Pakistan (SECP) and the SBP’s Banking Policy & Regulations Department, of the approval.