BankIslami, one of Pakistan’s fastest-growing Islamic banks, has launched BIPL Exchange Company Private Limited, its wholly-owned currency exchange subsidiary. This launch marks a significant step forward in the Bank’s strategic expansion plans, further strengthening the Riba-free financial ecosystem for its customers across Pakistan.
BIPL Exchange, an independent subsidiary of BankIslami, commenced operations with the inauguration of its first branch by Jahangir Siddiqui, Founder of JS Group. The ceremony was attended by leadership from BankIslami and JS Group, including Group President Suleman Lalani, CEO of JSCL Asad Nasir, Dy Chief Executive Officer of BankIslami Imran H Shaikh, CEO of BIPL Exchange Muhammad Yaqoob Sheikhji, alongside other senior management members.
“The launch of BIPL Exchange is a strategic step in extending our suite of financial services and advancing our commitment to a Riba-free financial system. This new venture will enable us to better serve the evolving needs of customers while contributing to the development of Pakistan’s Islamic financial landscape,” said Rizwan Ata, President & CEO of BankIslami.
Muhammad Yaqoob Sheikhji, CEO of BIPL Exchange commented at the launch, “Today marks the beginning of our mission to provide transparent, Shariah-compliant currency exchange services to customers across Pakistan. We are grateful for our partners and sponsors for their confidence and trust. This launch reinforces our commitment to delivering reliable financial solutions grounded in Shariah compliance, integrity, and service excellence.’’
The launch of BIPL Exchange Company is aimed to facilitate legitimate foreign currency transactions and essential exchange services under a transparent and Shariah-compliant framework. With this inauguration, BankIslami reinforces its commitment to advancing the Riba-free financial ecosystem and serving the evolving needs of its customers across the country.
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