Latest news with #BankIslami
Business Recorder
6 days ago
- Business
- Business Recorder
BankIslami granted SBP approval to establish exchange company
BankIslami announced on Thursday that it was allowed to establish an exchange company in the name of BIPL Exchange Company (private) limited. The bank shared this in a notice to the Pakistan Stock Exchange (PSX) today. 'State Bank of Pakistan has conveyed its 'No Objection' to Banklslami Pakistan Limited for establishing an exchange company in the name of BIPL EXCHANGE COMPANY (PRIVATE) LIMITED,' it wrote to the bourse. As one of Pakistan's leading Islamic financial institutions, BankIslami currently operates over 540 branches and offers a comprehensive suite of Shariah-compliant products.
Business Recorder
23-07-2025
- Business
- Business Recorder
BankIslami unveils ‘aik', first digital Islamic banking solution
KARACHI: In a significant move toward the future of Islamic finance, BankIslami has launched 'aik', Pakistan's first fully digital Islamic banking solution. Designed to deliver seamless, Shariah-compliant financial services nationwide, aik marks a major step in the digital evolution of ethical banking. As one of Pakistan's leading Islamic financial institutions, BankIslami currently operates over 540 branches and offers a comprehensive suite of Shariah-compliant products. With the launch of aik, the bank is leading the way in the digital transformation of Islamic finance by establishing a dedicated, fully digital division offering Riba-free financial products for a modern, tech-savvy clientele. 'Aik translates to 'one'—a symbol of simplicity, unity, and our shared vision for an ethical, Riba-free financial future,' said Ashfaque Ahmad, Chief Officer of aik. 'This platform fulfills a critical need in Pakistan's banking landscape for a fully digital solution that aligns with Islamic principles without compromising convenience and accessibility.' Copyright Business Recorder, 2025
Arab News
21-07-2025
- Business
- Arab News
Pakistani consortium launches first Sharia-compliant Agri-Infrastructure Sukuks worth $7 million
KARACHI: A consortium of Pakistani corporate entities on Monday launched the country's first, fully subscribed Rs2 billion ($7 million) Agri-Infrastructure Sukuk to bolster renewable energy efforts and enhance production of essential staple food items, with a ceremonial gong strike at the Pakistan Stock Exchange. Sukuk are financial certificates, often referred to as Islamic bonds, that represent ownership in an asset or a collection of assets and are designed to be Sharia-compliant by adhering to Islamic law, which prohibits interest-based transactions (riba). Instead of interest, sukuk holders receive a share of the profits generated by the underlying asset. The Shariah-compliant Sukuk is backed by a 100 percent principal credit guarantee from InfraZamin Pakistan, which mobilizes private investment in pioneering infrastructure. The financial certificate carries a long-term AAA rating by VIS Credit Rating Company and is fully subscribed by institutional investors, a major step toward sustainable financing via capital markets in the country's agricultural sector. The funds raised through the Sukuk, whose issuance is led by BankIslami Pakistan Limited as the mandated lead arranger, will be utilized to advance Sunridge Foods' Balancing, Modernization, and Replacement (BMR) projects, focused on upgrading production facilities with sustainable and energy-efficient technologies, according to InfraZamin Pakistan. 'Key components of the BMR include the installation of 1MW wind turbines and a 0.5MW solar power plant to bolster Sunridge's renewable energy efforts, alongside the construction of new silos and warehouses to substantially expand agricultural produce storage capacity,' InfraZamin said in a statement. 'Additionally, the proceeds will provide working capital support for Sunridge's critical wheat and rice processing plants in Karachi and Lahore, facilitating increased production of essential staple food items.' On the occasion, Deputy British High Commissioner in Karachi Lance Domm lauded the initiative as a significant step toward climate-resilient and sustainable economic growth through capital market innovation. 'This Sukuk represents a significant step in expanding access to climate-friendly, Shariah-compliant finance in Pakistan's agri-infrastructure sector,' Domm said. 'It reflects growing confidence in the country's capital markets and the role of partnerships in mobilizing private investment for development. The UK, through its support to InfraZamin and other financial institutions, remains committed to strengthening Pakistan's financial ecosystem.' InfraZamin Pakistan CEO Maheen Rahman highlighted the strategic importance of the transaction, saying it reflected their commitment to facilitating sustainable financing solutions that empower Pakistan's agriculture sector. 'By providing a principal credit guarantee, InfraZamin strengthens investor confidence and unlocks capital market access,' she said. Amir Shahzad, chairman and executive director of Sunridge Foods, emphasized the operational and environmental benefits of the development at the ceremony. 'At Sunridge Foods, we are proud to be part of this landmark issuance that channels Islamic finance toward strengthening Pakistan's agri-infrastructure,' Shahzad said. 'This Sukuk enables us to modernize our production capabilities, invest in renewable energy, and significantly expand our storage and processing capacity for essential food staples. It is a testament to how purpose-driven partnerships can unlock sustainable growth in critical sectors like food and agriculture.' The event at PSX underscored the collective vision of all stakeholders to foster innovative, Shariah-compliant financing avenues that drive Pakistan's sustainable infrastructure and agricultural development, according to InfraZamin. 'We are pleased to play our role in the launch of Pakistan's first Agri-Infrastructure Sukuk, marking a significant step forward in sustainable financing for the country,' said Rizwan Ata, president and CEO of BankIslami. 'This transaction highlights the growing recognition of Shariah-compliant finance as a core tool for driving economic growth while supporting sustainable development.' PSX Chairperson Dr. Shamshad Akhtar emphasized that Pakistan's intersecting crises of climate vulnerability and food insecurity demand bold, homegrown solutions. She commended the launch of the Agri-Infrastructure Sukuk as a defining example of how private sector leadership and financial innovation, particularly within Islamic finance, can mobilize capital toward climate resilience and agricultural development. '[Such initiatives are] powerful catalysts for inclusive growth, food system transformation, and a sustainable future built on values, ingenuity, and collaboration,' she was quoted as saying. PSX CEO Farrukh Subzwari reaffirmed the Exchange's commitment to transforming the capital market into a platform for purposeful solutions, especially in addressing climate risk, food insecurity, and the structural gaps facing Pakistan's economy. 'Banks, fund managers, corporates, regulators like SECP, and institutional investors must work together to build the ecosystem for sustainable finance,' the statement quoted him as saying. 'PSX will continue to serve not just as a marketplace, but as a catalyst for innovation, inclusion, and resilience— where ideas translate into impact and capital is mobilized for national priorities.'
Business Recorder
17-07-2025
- Business
- Business Recorder
Industry bigwigs gather: BankIslami and ZLK host session on Islamic finance
ISLAMABAD: In a joint effort to promote Riba-free banking in Pakistan, BankIslami and ZLK Islamic Financial Services, Pakistan's first Shariah-compliant brokerage firm, hosted a high-impact session on Islamic finance for a diverse group of industry leaders and advocates of ethical banking. Titled 'Leading with Purpose,' the event focused on meaningful conversations around Islamic finance and aimed to help individuals make informed, faith-aligned financial decisions. Held at a local hotel in Islamabad, the session was attended by valued partners and corporate leaders from the business community, along with notable organizations, including Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Islamabad Chamber of Commerce & Industry (ICCI), Rawalpindi Chamber of Commerce & Industry (RCCI), as well as representatives from civil society, the armed forces, government, financial institutions, and religious scholars. Dr. Mufti Irshad Ahmad Aijaz, former Chairman of the Shariah Advisory Committee of the State Bank of Pakistan and current Chairman of the Shariah Advisory Committee of SECP and Chairperson of the Shariah Board of BankIslami, delivered the keynote address, highlighting the growing global relevance of Islamic finance. He addressed common misconceptions and emphasized the ethical and socially responsible nature of Islamic finance. 'As leaders in Islamic finance in Pakistan, we are committed to fostering meaningful dialogue on Riba-free banking and raising awareness to drive this crucial cause forward,' commented Rizwan Ata, President & CEO of BankIslami. 'We are honored to join hands with ZLK Islamic Financial Services to strengthen the position of Islamic banking and collectively work towards realizing our vision of a Riba-free economy,' he added. Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, commented, 'This partnership with BankIslami is rooted in a shared vision to broaden understanding and trust in Shariah-compliant investments. Together, we are laying the foundation for a principled financial ecosystem that serves all segments of society and aligns with the ethical aspirations of our people, regulators, and national direction toward a fully Islamic financial system.' This session marked a significant step forward in reinforcing the role of Islamic finance in Pakistan's evolving financial landscape. As the country progresses toward a fully Shariah-compliant system, BankIslami and ZLK Islamic Financial Services remain committed to leading with purpose, engaging stakeholders, and shaping a future centered on ethical, inclusive, and faith-aligned financial solutions. Copyright Business Recorder, 2025
Business Recorder
17-07-2025
- Business
- Business Recorder
Industry bigwigs gather: BIPL and ZLK host session on Islamic finance
ISLAMABAD: In a joint effort to promote Riba-free banking in Pakistan, BankIslami and ZLK Islamic Financial Services, Pakistan's first Shariah-compliant brokerage firm, hosted a high-impact session on Islamic finance for a diverse group of industry leaders and advocates of ethical banking. Titled 'Leading with Purpose,' the event focused on meaningful conversations around Islamic finance and aimed to help individuals make informed, faith-aligned financial decisions. Held at a local hotel in Islamabad, the session was attended by valued partners and corporate leaders from the business community, along with notable organizations, including Federation of Pakistan Chambers of Commerce & Industry (FPCCI), Islamabad Chamber of Commerce & Industry (ICCI), Rawalpindi Chamber of Commerce & Industry (RCCI), as well as representatives from civil society, the armed forces, government, financial institutions, and religious scholars. Dr. Mufti Irshad Ahmad Aijaz, former Chairman of the Shariah Advisory Committee of the State Bank of Pakistan and current Chairman of the Shariah Advisory Committee of SECP and Chairperson of the Shariah Board of BankIslami, delivered the keynote address, highlighting the growing global relevance of Islamic finance. He addressed common misconceptions and emphasized the ethical and socially responsible nature of Islamic finance. 'As leaders in Islamic finance in Pakistan, we are committed to fostering meaningful dialogue on Riba-free banking and raising awareness to drive this crucial cause forward,' commented Rizwan Ata, President & CEO of BankIslami. 'We are honored to join hands with ZLK Islamic Financial Services to strengthen the position of Islamic banking and collectively work towards realizing our vision of a Riba-free economy,' he added. Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, commented, 'This partnership with BankIslami is rooted in a shared vision to broaden understanding and trust in Shariah-compliant investments. Together, we are laying the foundation for a principled financial ecosystem that serves all segments of society and aligns with the ethical aspirations of our people, regulators, and national direction toward a fully Islamic financial system.' This session marked a significant step forward in reinforcing the role of Islamic finance in Pakistan's evolving financial landscape. As the country progresses toward a fully Shariah-compliant system, BankIslami and ZLK Islamic Financial Services remain committed to leading with purpose, engaging stakeholders, and shaping a future centered on ethical, inclusive, and faith-aligned financial solutions. Copyright Business Recorder, 2025
