Latest news with #Riba-free
Business Recorder
20 hours ago
- 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
Business Recorder
6 days ago
- 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
6 days ago
- 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
Business Recorder
7 days ago
- Business
- Business Recorder
Industry bigwigs gather: BIP 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
07-06-2025
- Business
- Business Recorder
Insurance industry's shift to Takaful: SECP maps out strategic transition plan
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has chalked out a comprehensive, industry-wide Strategic Transition Plan to facilitate the insurance industry's transition to Takaful with a Riba-free economy. According to the SECP's new working paper, in line with the 26th Constitutional Amendment and the Federal Shariah Court's directive for a Riba-free economy by 2027, it is crucial that both SECP and individual insurance companies take proactive steps towards the transition to Takaful. SECP, in consultation with Shariah scholars and industry stakeholders, needs to formulate a comprehensive, industry-wide Strategic Transition Plan to facilitate the insurance industry's transition to Takaful. This plan may outline SECP's approach to supporting the transition process, including stakeholder engagement, provision of regulatory support, and identification of key areas for facilitating the industry-wide conversion to Takaful. SECP study outlines strategic roadmap reshaping Takaful sector The SECP will specify necessary actions that insurers need to take to align their operations with Shariah principles. This plan may address the conversion of insurance products, investment structures, and operational processes, for ensuring alignment with Shariah principles. The plan may have defined timelines, milestones, and action items to ensure a smooth and consistent transition across the industry within time. Additionally, to ensure effective implementation, SECP may consider establishing a Takaful Committee comprising of SECP representation, Shariah scholars, industry experts, and other relevant stakeholders. This task force may help in developing the Transition Plan, providing oversight, and ensuring compliance with Shariah governance standards throughout the transition process. At company level, the insurers need to develop comprehensive Takaful Adoption Plans, approved by their board and Shariah advisor, outlining their strategy for transitioning to Takaful and aligning with the SECP's plan. These plans may start with an assessment of the insurer's preparedness to meet evolving sector demands, including a gap analysis of policies, products, services, infrastructure, human resources, and areas needing improvement for successful conversion. The adoption plan may also specify the strategy for transition, whether through geographic (branch-wise) conversion or business-specific conversion targeting certain classes of business, SECP maintained. Such plans will enable companies to assess their current operations and identify areas for transformation in both product offerings and operations. This assessment, followed by clear action items for converting existing products and restructuring investment portfolios to align with Shariah principles, will provide a solid foundation for the transition to Takaful. Additionally, the plan should address the transition of operational processes, such as underwriting, claims management, and policyholder surplus distribution. Facilitation for Takaful Licensing and Product Approval To enhance Takaful penetration and foster a more Shariah-compliant insurance ecosystem, SECP may facilitate and promote Takaful licensing and product approvals. SECP could encourage new entrants to obtain licenses as full-fledged Takaful operators rather than conventional insurers, creating a more conducive environment for Shariah-compliant insurance. Additionally, SECP may consider prioritizing the approval of new life insurance products under the Takaful model, encouraging companies to focus on Takaful product development. These measures would support the industry's natural progression towards an Islamic financial framework, contributing to a smoother transition toward a Riba-free economy by 2027, SECP added. Copyright Business Recorder, 2025
