The list of banks (both conventional / non conventional i.e. Islamic Banks operating in Pakistan are as under)
1. Meezan Bank
2. AL Barka Bank
3. Bank Islami
4. Dubai Islamic Banks
5. Burj Bank
6. Bank AL Falah
7. Askari Bank
8. Habib Bank
9. Bank Al habib
10. Bank of Khyber
The Detail of these banks and their area of functions are there:
1. Meezan Bank
It provides lslamic banking as
banking of first choice in order to facilitate its customers in implementation
f equitable economic system, and provide them opportunity to establish a fair
and just society. It provides value added products and services to the
customers in accordance with the bounds of Shariah. The core ethics of the bank
include the culture based learning, fairness, respect, performance and
individual enterprise. It is the premier Islamic bank which ensures timely
provision of its products with high quality and aims to promote the Islamic
values; moreover it also ensures the recognition and high quality banking.
2. Al Baraka Islamic Bank
Al Baraka Islamic bank provides
it world class services and the products to its customers globally. With a
vision to provide its services according to the Islamic principles its networks
are increasing globally. It has been formed as a merger of the Al Baraka
Islamic bank Pakistan, Emirates Global Islamic Bank Pakistan and the operations
of Al Baraka Islamic Bank Bahrain. It’s started operating globally as on
November 1st 2010. It provides a wide range of Islamic
financing which includes Murahaba, Ijarah, Musharakha, and Islamic Export
Refinance. It also provides various deposit schemes according to the basic
principles of Islamic banking.
3. Bank Islami
Bank Islami is the Pakistan’s
leading authentic Islamic financial institution. Its products and services
include the consumer banking, retail banking, corporate banking under which it
ensures its customers to provide timely and friendly services. It lends finance
to its customers under MUSKUN home financing, Islamic auto Ijarah new vehicle,
Islami auto Ijarah used or imported vehicles. While it also provides Islamic
current account, Islami foreign currency account, Islami dollar bachat account
Islami manaha munafa account and Islami sahulat account.
4. Dubai Islamic Bank
Dubai Islamic bank is one of the
leading financial institutes of the country. It provides Islamic banking not
only to Pakistan but to the whole world. It has its core ethics including
morality, equity, transparency and the diversity. It is one of the fastest
growing institutes with its 400 institutions managing a total assists of US $ 1
trillion globally.
5. Burj Bank
Burj Bank which was formerly
known as Dawood Islamic bank is operating in Pakistan with its highly
professional team in order to make its customers well satisfies. Its core
ethics includes Purity, integrity, passion, and devotion. Burj bank services
are purely based on Islamic principles.
6. Bank Alfalah
Bank Alfalah Islamic banking was
established within Bank Alfalah Limited as late as in 2003, which offers its
customers products that are in accordance with the Shariah compliant. This bank
invests in customers believes by introducing Islamic financial solutions, and
by fulfilling the promise they made. Its team consists of highly qualified
professional team who is responsible for designing Islamic financial solutions
and ensures that these are in accordance with the Shariah principles of Islamic
banking and finance. Moreover these services are approved by the Shariah
Adviser at the bank.
7. Askari Bank Limited
Askari bank limited also
provides its services according to the Shariah complaint; it opens its doors
for the Halal Banking Solutions. It provides economic justice and enhances
welfare of society in the accordance with the Shariah standards. It operates in
32 branches across Pakistan. The Islamic bank services and the products at the
bank are approved by the Shariah advisor at the bank and the Shariah based
products of Islamic banking are managed separately from the conventional banking
side. All the transactions under the Islamic banking head are invested in Halal
modes and investments.
8. Habib Bank Limited
While operating since 1947,
Habib Bank has total branches of the 1500 across country which is providing its
best services with the help of its highly professional team and advanced
technology. Earlier it was a public sector bank however later in 2004 it was
privatized through which Aga Khan Fund for Economic Development acquired its
51% shares. HBL offers a host of Shariah compliant services to the clients. The
bank is dedicated to serve its customers according to their needs in accordance
with the law of Islamic banking. The products and services provided by the bank
are licensed by the State bank of Pakistan and which are fit to meet the
requirement of any customer.
9. Bank Al Habib Limited
Bank Al Habib Limited is on of
the well established banks in Pakistan, which has been approved by the state
bank of Pakistan to undertake Islamic banking through its Islamic banking
branches. It provides deposit schemes and Islamic financing to individuals,
trader, industries, which are completely in accordance with the Shariah
compliant. These services and the documentation of the Shariah compliant are
run by a Shariah advisor who is responsible for regular monitoring of deposits
and financing to ensure the operations are in compatible with the Shariah.
10. The Bank of Khyber
It is one of the premier Islamic
Bank providing innovative financial services which are purely based on Shariah
complaint. It helps its customers to translate true economic principles in to
practice which are according to Islam. It also helps the customers in earning
Halal through employing best business practices with the help of the latest
financial services, and advancement of the latest technology by placing their
faith in Allah. Moreover the practices of the banks are aims to achieve
constant economic growth, creation of job opportunities and poverty
alleviation.
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