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ISLAMABAD: The State Bank of Pakistan’s Vision 2028 seeks to assist conventional banks in becoming Shariah-compliant financial institutions in accordance with the decision of the Federal Shariat Court. Khushhali Microfinance Bank Limited (KMBL) has taken a major step towards expanding its Islamic banking service in line with this ambition.
Given this, the microfinance bank partnered with Qazi Shariah Consultancy to draw on Qazi Shariah Consultancy’s wealth of knowledge in Islamic finance; this will help guarantee that the microfinance bank’s offerings are in line with Islamic banking principles.
This partnership is a step in the right direction for KMBL as it seeks to grow its Islamic banking offerings, which will help more people and companies have access to ethical banking solutions while also meeting the requirements of Shariah law.
According to KMBL CEO Aameer Karachiwalla, “We are dedicated to ensuring that our customers have access to innovative, riba-free banking services that meet their financial needs while adhering to Islamic principles.” This relationship is crucial, Karachiwalla added.
As the SBP’s guidelines establish the foundation for a strong Islamic banking system, KMBL is taking the initiative to adopt Shariah-compliant financial solutions in order to meet the increasing demand for ethical and riba-free banking services.
