Since we know that today’s Islamic banking is definitely somehow different from traditional conventional banking system mostly based on the interest. However the products and services in Islamic banking varies from that of conventional like it’s all activities whether directly or indirectly based simply on Islamic Sharia principles and laws. In case of Pakistan, both conventional and Islamic banks are operating with full boom. However by comparison there are fewer Islamic banks than conventional banking institutes in Pakistan but those fewer are relatively giving the tough time to the latter ones. If you are looking for open an account in Pakistan, Though currently there are some ten plus Islamic banks in Pakistan but only these ten banks are working purely on Islamic Shariah laws and the actual providers of Islamic financial services. So here is a list of ten best Islamic Banks of Pakistan.
Best Islamic Banks in Pakistan
- Meezan Bank Limited.
Meezan is the first and largest especially dedicated Islamic Bank of Pakistan. It also the fastest growing name having almost 600 branches across the country. Moreover it has internationally recognized Shariah board providing a wide range of retail and business Shariah-compliant services and products for its customers.
- Al Baraka
Without any doubt the first Al-Baraka, which have in time offered provision of all its products. Its familiarity is not only due to its high quality professional system, but Al Baraka provides the best services and quality product to its customers globally. Today Al-Baraka is offering a wide variety of Islamic financing products like Ijarah, Murabaha and Islamic Export Refinance etc. a pert from that it also offers Shariah compliant deposit schemes to its valuable customers across Pakistan.
- Bank Islamic Pakistan Limited
Like other Islamic banks in Pakistan, Bank Islamic is also regarded as one of the best and Pakistan’s leading financial institution. Major chunk of its products is related to customers and corporate retail banking. It also has introduced MUSKUN home financing scheme to provide financial assistance to its customers. Moreover it provides the facility of Islamic Sahulat and current accounts.
- Dubai Islamic Bank
Well it is also another leading and best financial institution in Pakistan. Its services are not only limited to Pakistan but they are provided across the globe. Dubai Islamic bank is one of the fastest Islamic institutions in the world having total assets of $2 trillion. Based on very highly professional teams full of passion and devotion, provides the benefit and all of its services that are based on Islamic principles to its customers.
- Burj Bank
Since November 2016 Burj Bank announced its merger with Al Baraka Pakistan, and now it is Dawood Islamic bank. Like Dubai Islamic it also provides all the services especially based on pure Islamic principles to its valuable assets (i.e. customers).
- Bank Al-Habib
Well if you talk about this today it is considered to be as one of the finest and well-established financial institute that are approved by the State Bank of Pakistan. Like others, its core workings mostly are related to providing the different deposit schemes to its valuable customers. But as of now most of its working are very much regularized by the Shariah.
- Habib Bank limited
Habib Bank is also another top tier most renowned in Pakistan. It has almost 40% share in banking sector and has a huge customer base of five million approx. It is also one of the largest banks in Pakistan having 1400 ATMs and 1500 branches. Habib is also working as the Islamic bank and offering their products as well.
- Askari Bank Limited
Askari is also one of the best Islamic banks in Pakistan having 33 branches across the country. It have regularized and followed all the necessary instructions of Islamic laws. It’s all business transactions are done in Halal mode. In more simple words this bank is purely opened for Halal banking solutions.
- The bank of Khyber:
The best thing about this bank is it has provided the innovative financial service in Pakistan. Since its motive is to care about customer’s true economic principle which is why its focus is to provide support on the Halal earning.
- Bank Alfalah
It was established in 2003. Its products are mainly offered to customers according to Islamic laws. This bank has now also introduced some of the financial solutions. And it’s all products and services are now mainly approved by Shariah advisers.
In this age of glottalization Islamic banking is still continuously growing in the world at a very healthy and fast pace. It is very much expected in the coming future it may cross a whopping sum of 1300 billion. But today almost 1200 Islamic banks are rendering their services across the globe. And in Pakistan state bank was first given the name of first Islamic bank in 2000, then after various banks has started working under the logo of Islamic banking system. Moreover in Pakistan it has a very solid platform that is more likely to grow, however there is still a way forward for Islamic banking to provide constant economic growth and to make a strong hold in banking sector of Pakistan.