By Zubair Yaqoob
There is a quiet revolution underway in global finance; one rooted not in disruption for its own sake, but in principles that have endured for over fourteen centuries. Islamic banking, founded on the prohibition of interest, the imperative of risk-sharing, and an uncompromising commitment to asset-backed, ethically grounded transactions, has crossed a threshold that few could have predicted two decades ago.
According to the London Stock Exchange Group(LSEG) Islamic Finance Development Report 2025, global Islamic finance assets reached USD 5.985 trillion in 2024, representing a 21 percent year-on-year increase, with projections pointing to USD 9.7 trillion by 2029[1]. This is no longer a niche system operating at the margins of international finance. It is a mainstream force, and its moment has arrived.
For Pakistan, this global trajectory carries both profound significance and serious obligation. The State Bank of Pakistan confirmed that in December 2025, Islamic banking assets reached PKR 14.5 trillion for the first time in the country’s history, representing around 23 percent of total banking sector assets, with deposits crossed 25 percent of national total. Moreover, the branch network has reached over 7,500 branches across 146 districts, expanding formal financial access to communities historically left outside the system[2]. These are not merely statistical achievements; they signal a structural transformation in how Pakistanis perceive trust, ethics, and value in financial services.
At NBP Aitemaad, we are privileged to sit at the heart of this transformation. As the Islamic banking arm of the National Bank of Pakistan, the country’s largest state-owned bank, Aitemaad carries a responsibility that extends well beyond balance sheet performance. Over the past eight years, our performance has been nothing short of remarkable: deposits grew at 43% CAGR and earning assets at 40%, nearly doubling the pace of the broader industry, which averaged 24% and 27%, respectively. Resultantly, NBP Aitemaad’s ranking improved from 15th in 2018 to 6th in 2025 with regard to Islamic Deposit.
Our Advance Salary Product was also honored with the Silver Award in the distribution category at the prestigious Qorus Reinvention Awards – MEA 2025 in recognition to the product’s innovative approach to delivering financial empowerment through an Islamic Shariah compliant financing solution.
Our purpose is to make ethical, Shariah-compliant finance accessible at scale, across every segment of society. This conviction is reflected in our growing product range, from Murabaha and Ijarah facilities that enable individuals and businesses to finance assets transparently, to Diminishing Musharakah structures for home finance, and Salam and Istisna modes serving agriculture and construction with Shariah integrity. Our Running Musharakah offering provides working capital to corporate clients on genuinely participatory terms.
What makes these products more than Shariah-compliant alternatives to conventional banking is the philosophy embedded within them. Islamic finance does not merely replace interest with a differently labelled charge; it fundamentally reorients the relationship between bank and customer from creditor and debtor to partners sharing in outcome and risk. This distinction matters enormously in an era when global markets and trade increasingly scrutinize the ethical foundations of financial institutions. The principles of Islamic finance including transparency, asset-backing, shared risk, and the prohibition of speculative excess align naturally with the growing demand for ESG-conscious investment. It is no coincidence that green sukuk issuance has surged across Malaysia, Saudi Arabia, and the UAE as Islamic and sustainable finance converge into a shared vocabulary.
Financial inclusion, too, is not an abstract aspiration, it is a moral imperative. A significant proportion of Pakistan’s population has historically avoided formal banking not out of economic incapacity, but out of religious conviction. Our Aitemaad Amirah Account and the Amirah PayPak Pink Debit Card, the country’s first PayPak debit card for women under an Islamic banking account, reflect our commitment to closing the gender gap in financial services. True inclusion is achieved not by repackaging existing products, but by designing solutions for those overlooked by traditional banking models.
The Federal Shariat Court’s directive to align Pakistan’s entire banking system with Islamic principles by 2027 is a call to accelerate, not a guarantee of automatic progress. It requires innovation, expansion, and unwavering integrity. NBP Aitemaad is ready to lead this journey by deepening our product range, accelerating digital transformation, strengthening shariah frameworks and building the customer trust through transparency and service excellence. When finance is rooted in justice, ethics, and shared prosperity, it does more than enable transactions — it elevates society. Islamic banking carries that promise, and at NBP Aitemaad, we are committed to do our best.