LAHORE: The Bank of Punjab is set to achieve another milestone when it launches Islamic banking. Apart from shoring up tangible support for the bank in the last four years, the chief minister also engendered an environment in the bank that ensured zero tolerance for corruption and eliminated government interference in the bank’s affairs. The chief minister of Punjab has thus been principally responsible for restoring bank’s trust and goodwill amongst its customers. Having successfully accomplished the turnaround in the bank after four years of unrelenting commitment to achieve it, the bank is now poised to take further new initiatives. One such significant initiative is adding a new business stream by entering the Islamic banking sector. In response to its request, the State Bank of Pakistan has granted approval to adopt the institutional model of providing Islamic banking products and services through standalone Islamic branches. This business is to be managed by a separate Islamic Banking Division (IBD) in the Bank of Punjab.
Published in The Express Tribune, February 23rd, 2013.
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