KARACHI: State Bank of Pakistan (SBP) on Friday granted license of Islamic banking license to Faysal Bank Limited.
In a communication shared with the Pakistan Stock Exchange (PSX), Faysal Bank said that the SBP had granted the Islamic banking license to Faysal Bank Limited on December 30, 2022 after the bank completed its conversion from a conventional bank to a full-fledged Islamic Bank.
The Islamic banking license granted to Faysal Bank Limited will be effective from January 01, 2023. Furthermore, Faysal Bank Limited, has surrendered conventional banking license to the central bank.
The bank said that from January 01, 2023, Faysal Bank Limited will conduct its business and operations as an Islamic bank under the duly Islamic Banking License.
