Faysal Bank has grown into one of Pakistans leading financial institutions since it started operations in Pakistan in October 1994. Since then it has expanded greatly and now operates more than 260 branches in over 70 cities. Faysal Bank started its Islamic Banking division under the name of Barkat Islamic Banking which saw encouraging results. Now according to sources, Faysal Bank will become a completely Islamic bank in the near future.
Faysal Bank’s Barkat Islamic banking was introduced in compliance with the State Bank’s policies to promote Islamic banking in the country. Currently Faysal Bank operates 58 branches dedicated to Islamic banking. Analysts have reported that Faysal Bank has profited well from its Islamic division which showed 36% year on year increase in deposits.
Now it is believed that all Faysal Bank operations will be switched to the Islamic model in around two to three years though this hasn’t been announced or confirmed by the company yet. Sources also reveal that Faysal Bank will introduce a new Islamic credit card similar to Standard Chartered Islamic credit card which will replace its existing conventional credit card system.