Islamic banking is becoming very popular in Pakistan, as many people in our country wants interest free profit. By interest fee I mean Halal money, in simple words being a Muslim most of us want to avoid haram money. The banking system in Pakistan is interests based but due to religious awareness people now dislike interest based banking system and are withdrawing money from banks.
In this regard banks are coming up with Islamic system of Banking and are becoming very popular. Faysal bank is also one of those banks that have started Islamic banking. The branches of Faysal Bank that are offering Islamic banking are very successful and people are opening more accounts in those branches. It is worth mentioning here that Faysal Bank has 260 branches all over Pakistan and these branches are located in more than 70 cities of Pakistan. Faysal Bank started Islamic banking by the name of Barkat Islamic banking. Sources say that Faysal Bank is adopting Islamic banking in all its branches after witnessing the success of Islamic banking in Pakistan. It means Faysal Bank will pure deal in Islamic banking.
Faysal Bank is in operation in Pakistan since 1994 and Barkat Islamic banking was introduced in coordination with state bank’s polices and was step of State Bank to promote Islamic banking in Pakistan. Now there are 58 branches of Barkat Islamic banking across the country. Statistics shows that there in an increase of 36 percent in deposits of Islamic banking every year. So Faysal Bank is diverting all its attention towards Islamic banking. The news has not yet been confirmed by any official of Faysal Bank but market reports says that soon it’s going to happen. So it’s good news for those who wants Islamic banking all around the country.
