Karachi March 3 2022: Faysal Bank continues to make significant progress on its strategy to convert into a full-fledged Islamic Bank as 88.7 percent of the Bank’s financing as of December 2021 end is sharia compliant.
“This has been made possible by the untiring efforts of the entire team under the supervision and guidance of the Sharia Board and the Board of Directors” says Chief Executive Officer Mr. Yousaf Hussain.
During the year, the Bank has converted another 65 branches into dedicated sharia compliant banking branches along with opening of 30 new islamic branched taking the number of Islamic Banking branches to 595 i.e., 98.2 percent of the network. Full conversion of the Bank to Islamic is no longer a distant dream but a distinct reality which we will InshaAllah achieve soon as envisaged in FBL’s strategy.
Share of sharia compliance deposits grew to 66.5 percent from 45.9 percent a year ago while banks drive 70.1 percent of its profitability is sharia compliant compared to 42.1 percent in 2020.