There are various hundreds of banking institutions in Pakistan which are providing their services in a competitive environment. Many of which operate under the Shariah Complaint. Many of the banks which aim to provide the Islamic banking are licensed by the State Bank of Pakistan, and they provide their services accordingly. These banks have an experienced Shariah advisor who approves the services and the products which are delivered to the clients according to the basic principles of Islamic banking. The advisor is also responsible for the monitoring and evaluation of the products delivered by the banks. Below is a list of the top ten Islamic Banks in Pakistan which provides their services and products according to the tenants of Islam.
1. Meezan Bank
It provides lslamic banking as banking of first choice in order to facilitate its customers in implementation f equitable economic system, and provide them opportunity to establish a fair and just society. It provides value added products and services to the customers in accordance with the bounds of Shariah. The core ethics of the bank include the culture based learning, fairness, respect, performance and individual enterprise. It is the premier Islamic bank which ensures timely provision of its products with high quality and aims to promote the Islamic values; moreover it also ensures the recognition and high quality banking.
2. Al Baraka Islamic Bank
Al Baraka Islamic bank provides it world class services and the products to its customers globally. With a vision to provide its services according to the Islamic principles its networks are increasing globally. It has been formed as a merger of the Al Baraka Islamic bank Pakistan, Emirates Global Islamic Bank Pakistan and the operations of Al Baraka Islamic Bank Bahrain. It’s started operating globally as on November 1st 2010. It provides a wide range of Islamic financing which includes Murahaba, Ijarah, Musharakha, and Islamic Export Refinance. It also provides various deposit schemes according to the basic principles of Islamic banking.
3. Bank Islami
Bank Islami is the Pakistan’s leading authentic Islamic financial institution. Its products and services include the consumer banking, retail banking, corporate banking under which it ensures its customers to provide timely and friendly services. It lends finance to its customers under MUSKUN home financing, Islamic auto Ijarah new vehicle, Islami auto Ijarah used or imported vehicles. While it also provides Islamic current account, Islami foreign currency account, Islami dollar bachat account Islami manaha munafa account and Islami sahulat account.
4. Dubai Islamic Bank
Dubai Islamic bank is one of the leading financial institutes of the country. It provides Islamic banking not only to Pakistan but to the whole world. It has its core ethics including morality, equity, transparency and the diversity. It is one of the fastest growing institutes with its 400 institutions managing a total assists of US $ 1 trillion globally.
5. Burj Bank
Burj Bank which was formerly known as Dawood Islamic bank is operating in Pakistan with its highly professional team in order to make its customers well satisfies. Its core ethics includes Purity, integrity, passion, and devotion. Burj bank services are purely based on Islamic principles.
6. Bank Alfalah
Bank Alfalah Islamic banking was established within Bank Alfalah Limited as late as in 2003, which offers its customers products that are in accordance with the Shariah compliant. This bank invests in customers believes by introducing Islamic financial solutions, and by fulfilling the promise they made. Its team consists of highly qualified professional team who is responsible for designing Islamic financial solutions and ensures that these are in accordance with the Shariah principles of Islamic banking and finance. Moreover these services are approved by the Shariah Adviser at the bank.
7. Askari Bank Limited
Askari bank limited also provides its services according to the Shariah complaint; it opens its doors for the Halal Banking Solutions. It provides economic justice and enhances welfare of society in the accordance with the Shariah standards. It operates in 32 branches across Pakistan. The Islamic bank services and the products at the bank are approved by the Shariah advisor at the bank and the Shariah based products of Islamic banking are managed separately from the conventional banking side. All the transactions under the Islamic banking head are invested in Halal modes and investments.
8. Habib Bank Limited
While operating since 1947, Habib Bank has total branches of the 1500 across country which is providing its best services with the help of its highly professional team and advanced technology. Earlier it was a public sector bank however later in 2004 it was privatized through which Aga Khan Fund for Economic Development acquired its 51% shares. HBL offers a host of Shariah compliant services to the clients. The bank is dedicated to serve its customers according to their needs in accordance with the law of Islamic banking. The products and services provided by the bank are licensed by the State bank of Pakistan and which are fit to meet the requirement of any customer.
9. Bank Al Habib Limited
Bank Al Habib Limited is on of the well established banks in Pakistan, which has been approved by the state bank of Pakistan to undertake Islamic banking through its Islamic banking branches. It provides deposit schemes and Islamic financing to individuals, trader, industries, which are completely in accordance with the Shariah compliant. These services and the documentation of the Shariah compliant are run by a Shariah advisor who is responsible for regular monitoring of deposits and financing to ensure the operations are in compatible with the Shariah.
10. The Bank of Khyber
It is one of the premier Islamic Bank providing innovative financial services which are purely based on Shariah complaint. It helps its customers to translate true economic principles in to practice which are according to Islam. It also helps the customers in earning Halal through employing best business practices with the help of the latest financial services, and advancement of the latest technology by placing their faith in Allah. Moreover the practices of the banks are aims to achieve constant economic growth, creation of job opportunities and poverty alleviation.
In a nutshell if you want your transactions to be in accordance with the Shariah Complaint the above list of top ten Islamic banks in Pakistan which are operating under the Islamic compliant can help you get your desired services.