BankIslami aims to redefine Pakistan’s financial landscape with Riba-free banking for all

BankIslami, one of Pakistan’s top Islamic financial institutions, has launched an initiative to make its riba-free banking services more accessible to people of all faiths and backgrounds.

The initiative underscores the bank’s commitment to advancing ethical and inclusive banking within the country’s financial system, in line with Shariah principles and social responsibility.

Riba, or interest, is prohibited in many religions due to its exploitative nature, which makes Islamic banking attractive to people across faiths by offering fair, transparent financial alternatives.

The global Islamic finance industry, valued at over $3 trillion, continues to grow, driven by the increasing demand for Shariah-compliant solutions.

The launch event, held at Mohatta Palace in Karachi, saw attendance from prominent figures including Governor of the State Bank of Pakistan Jameel Ahmad, Deputy Governor Saleem Ullah, and IG Sindh Ghulam Nabi Memon, reflecting wide support for BankIslami’s efforts in promoting financial inclusivity.

Governor Jameel Ahmad highlighted the State Bank’s vision of a fair financial system accessible to everyone. "BankIslami’s mission to 'save humanity from riba' reinforces the need for inclusive banking. The State Bank fully supports the growth of Islamic banking in Pakistan," he said.

Rizwan Ata, CEO of BankIslami, said the initiative aligns with Quaid-e-Azam Muhammad Ali Jinnah’s vision of equality. “By providing riba-free solutions, we aim to build trust and foster transparency within Pakistan’s banking sector,” he stated.

Deputy CEO Imran H. Shaikh added, “Islamic banking is not just for Muslims; it’s for anyone who believes in fairness. At BankIslami, we’re creating a banking experience that respects and includes everyone.”

BankIslami has collaborated with clerics from various religious backgrounds to build trust and understanding around the benefits of Islamic finance. This initiative aims to provide previously excluded communities and individuals with access to a fair and ethical banking system, promoting shared risk, asset-backed transactions, and a focus on social responsibility.