BankIslami, a leading Islamic financial institution in Pakistan, has launched a key initiative to make its interest-free (riba-free) banking services more accessible to people from all backgrounds and faiths. This move highlights the bank’s commitment to promoting ethical and inclusive banking in Pakistan, aligning with Shariah principles while emphasizing social responsibility and transparency.
Interest (riba) is widely condemned across various religions due to its perceived unjust nature. Islamic banking, which prohibits riba, appeals to people of all faiths by providing fair and transparent financial alternatives. The global Islamic finance sector, currently valued at over $3 trillion, is rapidly expanding as more people seek ethical, Shariah-compliant financial solutions.
BankIslami’s initiative comes at a time of increasing interest in alternative banking models. The bank is raising awareness about the advantages of riba-free and ethical banking to encourage broader participation in Pakistan’s financial system.
The launch event, held at Karachi’s Mohatta Palace, was attended by key figures, including the Governor of the State Bank of Pakistan (SBP) Jameel Ahmad, Deputy Governor SBP Saleem Ullah, Sindh I.G. Ghulam Nabi Memon, and other leaders from banking, public sectors, and industries. This attendance reflects strong support for BankIslami’s mission to promote financial inclusivity and ethical banking.
Jameel Ahmad, Governor of the SBP, commented: “At the State Bank, we envision a Pakistan where Islamic finance plays a vital role in growth and is accessible to all, regardless of background. BankIslami’s vision of ‘Saving humanity from Riba’ demonstrates a dedication to making banking more inclusive. The State Bank proudly supports the expansion of Islamic banking in Pakistan.”
BankIslami CEO Rizwan Ata emphasized: “This initiative reflects Quaid-e-Azam Muhammad Ali Jinnah’s vision of equality and fairness for all. Through riba-free banking, we aim to foster transparency and trust within the sector, empowering every citizen to achieve financial stability.”
Imran H. Shaikh, Deputy CEO of BankIslami, added: “Islamic banking is for everyone, not just Muslims. At BankIslami, we’re breaking down barriers and creating a banking experience that welcomes all. We’re focused on people and communities, not just profits, driving positive change through riba-free banking.”
To build trust and understanding, BankIslami has involved religious leaders from different faiths in its efforts to highlight the ethical and inclusive benefits of Islamic finance. This collaboration underscores the positive impact Islamic banking can have on both individuals and society.
Through this initiative, BankIslami aims to extend Islamic banking to underserved communities and those previously excluded from the formal financial system. With a focus on shared risk, profit, and partnership, along with asset-backed transactions, the bank stresses fairness and caution against practices that harm individuals, reinforcing its commitment to inclusivity and ethical banking.
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