Islamic banks are run on Islamic regulations or are stated to be “sharia-compliant.” The financial activities carried out in Islamic banks are in light of the Islamic economy and regulations.
In Pakistan, there are several banks, functioning on the rules and regulations of Islam. These modules usually consist of Murabaha (additional cost), Wadiah (custody), Ijara (lease), and Mudarabah (profit sharing and loss).
Several financial institutes are running in Pakistan at the moment. But we have compiled a list of Islamic banks in Pakistan that are focusing more on the sharia-compliant financing system and are cracking it more and more, with each passing day.
Top Islamic Banks in Pakistan
You must be wondering how many Islamic banks in Pakistan are there? Here, we have listed the top Islamic banks in Pakistan. Let’s explore them together.
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Meezan Bank Limited:
One of the largest Islamic banks in Pakistan, Meezan Bank Limited, is listed on the stock exchange company, due to its paid capital of Rs 14.1 billion. Meezan Bank has grown significantly in the past few years and is well-known for its rapid financial growth in Pakistan. This bank started back in 2002 and has come a long way since then.
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Dubai Islamic Bank:
Another one on the list of Islamic banks in Pakistan is the Dubai Islamic Bank. It was listed in Pakistan in 2005 under the company’s ordinance, as an unlisted corporation. Its duty was to conduct business as an Islamic commercial bank, under the shariah. Since then, it has been functioning in the country wonderfully.
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Bank Alfalah Islamic:
Bank Alfalah Islamic is a subsidiary of the Emirati company Abu Dhabi group. At the moment, it is one of the largest private, Islamic banks in Pakistan with almost 700+ branches. Furthermore, its international presence in the United Arab Emirates, Bahrain, and Afghanistan further adds to its fame.
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Askari Bank:
Askari Bank started back in 1991 and in 2013, it was acquired by the Fauji group. It is listed on the Pakistan stock exchange along with the stock exchanges of Lahore, Islamabad, and Karachi.
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MCB Islamic Banking:
Another one of the Islamic bank’s lists in Pakistan is MCB Islamic Bank. The Islamic Bank is the subsidiary of the MCB bank and it was established in 2015. It was a spin-off of NIB and MCB bank for almost 8 billion.
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UBL Islamic Banking:
UBL has a history of 50 years of banking which makes UBL Ameen a lot more promising and trustworthy for the users. UBL banking has all the Islamic products and services available, in accordance with sharia law. The Islamic banking service is available at almost 1400 branches of UBL.
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HBL Islamic Banking:
HBL is a leading bank in the Islamic financial system as it offers an extensive range of sharia-compliant products and services. It continuously evolves its banking system to bring the best to its clients. It is also approved by the Islamic Sharia board. It is one of the leading, top Islamic banks in Pakistan right now.
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Bank Al-Habib Islamic Banking:
Bank Al-Habib is a commercial bank, owned by the Dawood Habib family. It has almost 900 branches in Pakistan, along with wholesale branches in Malaysia, Bahrain, and Seychelles. In 2020, the financial assets of this bank grew up to 1.36 trillion, making it one of the most famous Islamic banks in Pakistan.
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National Bank of Pakistan:
The National Bank of Pakistan has various schemes and products, mostly in accordance with sharia law. With various credit schemes for small businesses and agriculture etc., it is one of the most popular financial systems in the country.
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Bank Islamic Limited:
Bank Islami Limited is the first bank that achieved the Islamic banking license in Pakistan, in 2005 by the State Bank of Pakistan. They began operating under sharia law in 2006 and since then, have been regulating all their financial tasks under Islamic law. It offers investments, retail banking, and consumer banking products along with much more.
THE BOTTOM LINE
There are various banks in Pakistan that are regulated on the basis of sharia law. Even standard financial systems have further segregated their banks into Islamic branches as well. Therefore, if you are on the lookout for the top Islamic banks in Pakistan, you can opt for the above-mentioned ones. They have been functioning for years now and are quite famous around the world.
