Among many notable banks in Pakistan, a few of them operate by following the financial principles explained by the Noble Quran and the teachings of the Holy Prophet (PBUH). Different Islamic banks have been established in the country to let the religious citizens of the country deal with their finances according to what the Holy Quran has taught.The major distinguishing features of these Islamic Banks include share in profit and loss, Murabaha (Islamic sale), Ijrah (Islamic lending), Mudarabah (Islamic partnership for commercial investments), Takaful (Islamic insurance), Sukuk (Islamic saving bonds) and several other features in the light of the Noble Quran and the teachings of the Holy Prophet (PBUH).
Meezan Bank Limited has been operating since 2002, completing a successful decade in 2012. It was the first bank to be granted the Islamic Banking license by the State Bank of Pakistan. The headquarters of the bank are situated in the port city of Pakistan, Karachi.
For over a period of ten years, Meezan Bank Limted has been offering numerous Islamic Banking services for both personal and business accounts. A special Shari’ah Advisory Board ensures that the Bank strictly follows Islamic laws in all financial dealings.
Al-Baraka Banking Group came into existence in 2002. The main headquarter are 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. Today, there are ninety-four branches in 42 cities of the country.
The main services offered by the bank are:
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. The headquarters of Bank Islami are located in Sindh’s capital, Karachi. There are 102 other branches in the rest of the country with 49 sub-branches.
Bank Islami Pakistan began its Islamic financial dealing in April 2006. It specializes in the following services:
Burj Bank Limited was formerly operated under the name of Dawood Islamic Bank Limited. It began operating in April 2007 after receiving its license for Islamic Banking from the State Bank of Pakistan a year earlier.
The bank has seventy-five branches at the moment operating in different parts of Pakistan. The bank offers a wide range of services which fall into the following broader categories:
Apart from these services, Burj Bank Limited also provides Islamic financial advice through its experienced Shari’ah advisors.
The first ever Islamic Bank of the world was established in 1975 in Dubai. Dubai Islamic Bank Pakistan Limited is a branch of this Islamic Banking pioneer.
The following services are offered by the bank following the principles of Shari’ah:
Clients can also make use of the electronic banking services and Shari’ah advisory offered by the bank.
United Bank Limited and Alfalah Bank both operate as large units with Islamic banking as a part of these larger units. In other words, Islamic Banking services are offered in only a few of the branches across the country, thereby giving option to clients to opt for general or Islamic Banking.
These banks have been operating successfully according to Islamic principles to serve the most religiously conscious individuals in the country.