ISLAMABAD: The State Bank of Pakistan’s Vision 2028 is designed to facilitate the transition of conventional banks into Shariah-compliant financial institutions following the directives from the Federal Shariat Court. In line with this initiative, Khushhali Microfinance Bank Limited (KMBL) has taken a notable step to expand its Islamic banking offerings.
To support this initiative, the microfinance bank has collaborated with Qazi Shariah Consultancy, utilizing the consultancy’s extensive knowledge in Islamic finance. This partnership will help ensure that KMBL’s products align with the principles of Islamic banking.
This collaboration represents a significant progress for KMBL as it aims to expand its Islamic banking services, allowing more individuals and businesses to access ethical banking solutions that comply with Shariah law.
Aameer Karachiwalla, the CEO of KMBL, remarked, “We are committed to ensuring that our customers have access to innovative, riba-free banking services that meet their financial needs while adhering to Islamic principles.” He highlighted the significance of this collaboration.
With the State Bank’s regulations establishing a solid foundation for Islamic banking, KMBL is actively taking steps to provide Shariah-compliant financial solutions in response to the rising demand for ethical and riba-free banking services.
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