Islamic Banks in Pakistan
In this article, we are going to discuss Islamic Banks in Pakistan. Among many famous banks in Pakistan, a handful of them run by following the fiscal principles described by the Noble Quran and also the teachings of the Holy Prophet (PBUH). Distinct Islamic banks have been established in the country to allow the religious citizens of the nation to deal with their finances according to what the Holy Quran has taught.
The important distinguishing features of the Islamic Banks comprise share in profit and loss, Murabaha (Islamic sale), Ijrah (Islamic lending), Mudarabah (Islamic venture for commercial investments), Takaful (Islamic insurance), Sukuk (Islamic economy bonds) and several other attributes in the light of the Noble Quran and the teachings of the Holy Prophet (PBUH).
Meezan Bank Limited
Meezan Bank Limited has been running since 2002, finishing a successful decade in the year 2012. The headquarters of the bank are situated in the port city of Pakistan, Karachi.
For over an amount of ten years, Meezan Bank Limited has been offering numerous Islamic Banking services for both private and company accounts. A specific Shari’ah Advisory Board means that the Bank stringently follows Islamic laws in most financial deals.
Bank Al-Baraka
Al-Baraka Banking Group was created in 2002. The main headquarter come in the capital of Bahrain, Manama. Its branches are found in 15 other countries including Pakistan.
Al-Baraka Islamic Bank Pakistan Limited was formed as a merger between Al – Baraka Islamic Bank Bahrain and Emirates Global Islamic Bank. Now, there are ninety-four divisions in 42 cities of the country.
The key services offered by the bank are:
- Retail Banking
- Corporate Banking
- Consumer Banking
Bank Islami Pakistan
Bank Islami Pakistan was the first institute to be granted the license for Islamic Banking from the State Bank of Pakistan following the policy of Islamic banking formed in 2003. There are 102 other divisions in the remainder of the nation with 49 sub-branches.
Bank Islami Pakistan started its Islamic fiscal dealing. It specializes in the following services:
- Retail Banking
- Consumer Banking
- Trade & Finance Products
- Investment Banking
Burj Bank Limited
Burj Bank Limited was formerly operated under the name of Dawood Islamic Bank Limited. It began after receiving its permit in the State Bank of Pakistan for Islamic Banking a year earlier, running in.
The bank has seventy-five branches in the moment running in various areas of Pakistan. The bank provides a wide range of services which fall to the broader categories that are subsequent:
- Retail Banking
- Corporate Banking
- SME Banking
- Global Advertising and Advisory
Apart from these services, Burj Bank Limited also provides Islamic financial guidance through its experienced Shari’ah advisers.
Dubai Islamic Bank Pakistan
The first Islamic Bank of the world was created in 1975 in Dubai. Dubai Islamic Bank Pakistan Limited is a branch of this Islamic Banking leader.
The bank following the principles of Shari’ah offers these services:
- Corporate Banking
- Consumer Financing
- Precedence Banking
- Clients can also make use of the electronic banking services and Shari’ah advisory offered by the bank.
These banks have now been operating according to Islamic principles to function the most religiously aware individuals in the country.
So finally we have discussed all about the best Islamic banks in Pakistan
