KARACHI: State Bank of Pakistan (SBP) Deputy Governor Saleemullah has said that Islamic banking must not remain limited to nomenclature but should be clearly reflected in practice.
He said Islamic banking represents a transparent financial system, the practical demonstration of which was set 1,400 years ago by the Holy Prophet Muhammad (PBUH) through his trade practices.
Addressing the certificate distribution ceremony of Saylani School of Business and Islamic Leadership (SBIL), Mr Saleemullah urged banks and experts moving towards Islamic banking to become role models by upholding ethical values and ensuring that customers are fully aware that their transactions are free from hidden conditions.
He said the business community was a national asset as it generated wealth and employment, adding that Islamic banking must be visible in action, not just in name.
He paid tribute to the services of Saylani Welfare, saying the organisation’s greatest contribution to Pakistani society was transforming youth — who could otherwise become a burden — into valuable national assets. He added that SBIL was clear evidence that the institution was well-prepared to meet future challenges.
SBP deputy governor urges banks to ensure transactions are free of hidden conditions
President and CEO of Sindh Bank Muhammad Anwar said that Islamic banking is far superior to conventional commercial banking. He announced that 60 branches of Sindh Bank would be converted to Islamic banking during the current year. He further stated that out of the bank’s total 330 branches, 60 would be converted in 2025, another 150 in 2026, while the remaining 120 branches would complete conversion by 2027.
Mr Anwar clarified that the bank’s transition towards Islamic banking was not due to any external pressure but a voluntary and rapid move, as the bank firmly believed Islamic banking was the only viable and disciplined banking model, far superior to the prevailing conventional system.
Saylani Welfare International Trust Chairman Maulana Bashir Farooq said the organisation was determined to eliminate the interest-based system from the country in collaboration with the State Bank and Council of Islamic Ideology. He said that efforts to end the interest-based system would continue with full commitment.
Earlier, according to a press release, head of Saylani Islamic Finance and Leadership Wing Muhammad Islam Ahmed introduced SBIL and said the organisation aimed to support the State Bank in achieving its 2027 Islamic banking targets. He added that Saylani’s nationwide network was already providing quality, non-profit training across the country.
Professor Dr Muhammad Rashid Kamal Ansari highlighted the vision, objectives and developmental phases of Imam Ahmed Raza University of Emerging Sciences and Technology.
At the conclusion of the ceremony, certificates were distributed among bankers who successfully completed their training at SBIL.
