Faysal Bank is Close to 100% Conversion to Islamic Banking In Pakistan

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    Faysal Bank

    Faysal Bank Limited has continued to expand its branches network which surged to over 600 with around 98% share of Islamic banking branches.


    According to the latest update, the number of branches surged to 606 locations in more than 200 cities across the country whereas the number of Islamic branches stood at 595. The Islamic operations included both converted and newly-established branches as per the plan of the bank’s management.

    The bank is likely to convert the remaining 11 into Islamic branches in the next few weeks. With this development, Faysal Bank will become the first bank in Pakistan with 100 percent conversion from conventional banking operations to Islamic, setting examples for other banks planning to follow the same track.

    Besides its branch network, the bank also converted its financing-related operations to over 80% on Islamic mode.

    Faysal Bank is also the second biggest Islamic bank after Meezan Bank in terms of branches, operations and profitability.

    The bank’s assets and deposits are currently over Rs. 800 billion and Rs. 600 billion respectively.

    Journey of Faysal Bank Limited

    Faysal Bank Limited was established in 1994 as a public limited company. In 2010, the bank acquired the Royal Bank of Scotland (RBS) at the cost of over Rs. 4.2 billion.

    In 2014, the bank’s management had planned to convert the mode of its operations from interest-based to Sharia-compliant with an aim to tap into the prevailing scope of Islamic banking in the local market.

    The bank also acquired stakes in its associated company to convert it into a 100% owned subsidiary called Fayal Assets Management Company in 2018.

    Ithmaar Bank B.S.C, a banking entity regulated by the Central Bank of Bahrain holds, directly and indirectly, 66.78% of the shareholding in the bank. It is a wholly-owned subsidiary of Ithmaar Holdings B.S.C. Dar Al-Maal Al-Islami Trust (DMIT) is the holding company of Ithmaar Holding B.S.C. and the ultimate parent of the bank.

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