https://arab.news/6dm2r
- The development comes months after Pakistan said Islamic banking assets had reached for the first time $40.7 billion by the end of March 2025
- BankIslami says it remains committed to rolling out new Shariah-compliant tools, reaching more households through technology-driven solutions
KARACHI: Pakistan’s BankIslami has been named the ‘Best Islamic Banking Brand’ at the Global Islamic Finance Awards (GIFA) 2025 in Kuala Lumpur, Malaysia, the bank said on Monday, earning international recognition for innovation, customer-centric services and contribution to the growth of Islamic finance in the country.
GIFA is a globally recognized platform that honors institutions and individuals for contributions to Islamic banking and finance, according to a BankIslami statement.
It recognized BankIslami’s efforts to advance Islamic banking through awareness and access initiatives, interest-free financial solutions, and programs to expand financial inclusion.
The bank has played a pioneering role in developing Pakistan’s Islamic finance landscape, from deploying biometric ATMs to introducing Islamic digital banking solutions.
“Advancing Riba-free (interest-free) banking in Pakistan is a national cause, and as a financial institution, we see it as our responsibility to join hands and contribute,” BankIslami President Rizwan Ata was quoted as saying.
“We remain dedicated to our mission of Saving Humanity from Riba by expanding access, keeping products simple and transparent, and delivering service that earns trust.”
In May this year, the Pakistani central bank said Islamic banking assets had for the first time reached Rs11.5 trillion ($40.7 billion) by the end of March 2025 as the country actively moved toward implementing a fully Shariah-compliant financial system.
Pakistan’s Federal Shariat Court (FSC) directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027. Following the order, the government and the State Bank have taken several measures ranging from changing laws to issuing sukuk Islamic bonds to replace interest-based treasury bills and investment bonds.
With a network of more than 500 branches in over 210 cities, it offers Shariah-compliant financial products for individuals and businesses, including Hajj savings plans and small-media enterprise (SME) financing.
“BankIslami remains committed to advancing its mission by rolling out new Shariah-compliant financial tools, extending reach to more Pakistani households through technology-driven solutions, building partnerships with community-based organizations, and promoting financial literacy for inclusive and ethical banking,” it said.