Bank of Khyber Preparing to Convert Into Full-Fledged Islamic Bank

The management of The Bank of Khyber (PSX: BOK) is preparing to convert from being a conventional bank into a full-fledged Islamic bank to tap into the demand and acceptability of Shariah-compliant banking across Pakistan, according to a stock filing by the bank on Thursday. “The Bank has initiated the process for conversion from Conventional to Islamic Bank,” its said in the filing. The Bank of Khyber Act, 1991 and is principally engaged in the business of commercial banking and related services. The Bank acquired the status of a scheduled bank in 1994.