Press Release
Karachi, October 18th, 2024: BankIslami, one of the leading Islamic financial institutions in Pakistan, has launched a pivotal initiative by promoting its riba-free banking services accessible for people of diverse background and faith. The move reflects BankIslami’s mission to advance ethical and inclusive banking in Pakistan’s financial landscape, which aligns with the principles of Shariah compliance while upholding social responsibility and transparency.
Riba (interest) is prohibited in almost all religions due to its unjust nature. This is why Islamic banking appeals to people of all faiths, promoting inclusivity by offering fair and transparent financial alternatives. Furthermore, the global Islamic finance industry, now valued at over $3 trillion, is growing rapidly, showing increasing demand for ethical and Shariah-compliant solutions.
The initiative comes amid growing interest in alternative banking models, and BankIslami is raising awareness about the benefits of riba-free and ethical banking to encourage wider participation in the country’s financial system.
The launch event, held at Mohatta Palace, Karachi was attended by dignitaries including the Governor State Bank of Pakistan (SBP) Jameel Ahmad and Deputy Governor SBP Saleem Ullah, I.G. Sindh Ghulam Nabi Memon, leaders from the banking industry leaders, public sector, and other industries, reflecting a broad endorsement of BankIslami’s efforts towards financial inclusivity and ethical banking.
The Governor of the State Bank of Pakistan, Jameel Ahmad, remarked: "At the State Bank, we envision a Pakistan where Islamic finance drives growth and benefits everyone. We aim for a fair and modern financial system, accessible to all, regardless of background or financial status. BankIslami’s vision of 'Saving humanity from Riba' highlights a commitment to making banking inclusive for all. The State Bank is proud to support the growth of Islamic banking in Pakistan."
Rizwan Ata, CEO of BankIslami, stated: "This initiative aligns with Quaid-e-Azam Muhammad Ali Jinnah’s vision of equality and fairness for everyone in all walks of life. By offering riba-free solutions, we aim to foster transparency and trust across the banking sector. Our goal is to create a system where every citizen feels empowered to achieve financial stability."
Imran H. Shaikh, Deputy CEO, BankIslami, added: "Islamic banking isn’t just for Muslims, it is for everyone who believes in fairness. At BankIslami, we’re breaking down barriers and opening doors. We’re not just about numbers; we’re about people, community, and a banking experience that respects and includes everyone. Together, we can drive positive change and bring the benefits of riba-free banking to all. "
BankIslami has engaged clerics from various religious backgrounds to foster understanding and trust in the benefits of joining the Islamic banking network. This collaboration creates a platform that highlights the ethical and inclusive nature of Islamic finance, with benefits to individuals and society as a whole.
BankIslami aims to improve access to Islamic banking for underserved communities and individuals previously excluded from the formal banking system. With shared risk, profit and partnership, asset-backed transactions, and an ethical approach to banking, BankIslami emphasizes inclusivity, fairness, and caution against practices that harm people.