Faysal Bank is going to convert in full Islamic bank all branches across the Pakistan. Bahrain’s Ithmaar Bank has 70% stake in Faysal Bank (FABL). According to Ithmaar Chief Executive, FBL is in discussion with State Bank of Pakistan to convert FABL into Pakistan’s second biggest Islamic Bank in December. From 2016 all branches of Faysal Bank will start Islamic banking according to Sharia Complaint Banking.
In initial stage the whole scenario of Islamic banking is not possible its will take two or three years for completion, added CEO of Faysal Bank.
Meezan Bank is the biggest Islamic Bank of Pakistan. Many other banks have also Islamic Banking with their conventional banking. Summit Bank has also announced to convert to Islamic Banking and it will take 3-4 years in whole procedure.