Faysal bank turned in to Islamic banking

On January 30th 2019, Pakistan’s Faysal Bank limited pledged to convert into Islamic Banking Institution in next few years

Faysal Bank currently has a branch network of 455 branches with 255 dedicated Islamic Banking.

Faysal Bank offers a comprehensive range of Islamic banking solutions which are designed to meet your financial needs. With innovation and care at the heart of our business, we are committed to serve you better.

For more information visit our website https://t.co/ZtKZ7S6BRK pic.twitter.com/up8H4OQLEG

— Faysal Bank Limited (@faysalbankltd) February 27, 2018

Dr. Ishrat Hussain, chairman IBA CEIF elaborated that

“these funds will be given to the students of IBA who are selected for merit and need-cum scholarships”

Due to the PM Youth Business Program many young students avail this facility through Islamic baking.

This which will help a lot of students of this country to study in a good institution.

Islamic banking also known as non-interest banking which is based on the Islamic or Shariah laws.

Islamic bank makes profit through equity participation which requires borrower to give a share to bank in their profits rather than paying interest.

As per official website of Faysal bank:

“January 30^th, 2019: Pakistan’s premier banking institution, Faysal Bank Limited, reiterated its plans at IBA City Campus to convert into a full-fledged Islamic banking financial institution over the next few years.

Faysal Bank currently has a branch network of 455 branches with 255 dedicated Islamic branches. 100 new Islamic branches are to be opened this year, the Bank intends o consolidate its network around 600 plus.

Faysal Bank currently has a branch network of 455 branches with 255 dedicated Islamic branches. 100 new Islamic branches are to be opened this year, the Bank intends o consolidate its network around 600 plus.

Present at the event were Mr. Yousaf Hussain, President & CEO of Faysal Bank,

Dr. Ishrat Hussain Chairman IBA CEIF and Mr. Ahmed Ali Siddiqui, Director IBA CEIF as well as various dignitaries from both prestigious organizations.”

Some of the modes Islamic banking/finance include Mudarabah, Wadia, Musharaka, Mubarahah and ijara.

Most of us have this question in our minds that, why do we need Islamic banking?

The money is used to sell and buy goods or services. According to customers this is a very good step by faysal Bank.

Customers are hoping to see other banks taking this step too.