Khushhali Microfinance Bank Plans to Begin Islamic Banking Services

Khushhali Microfinance Bank Limited (KMBL) has taken a significant step toward expanding its Islamic banking service in line with the State Bank of Pakistan’s Vision 2028, which aims to facilitate the transition of conventional banks into Shariah-compliant financial institutions in line with the Federal Shariat Court’s decision. In this regard, the microfinance bank signed a partnership with Qazi Shariah Consultancy to avail of Qazi Shariah Consultancy’s extensive expertise in Islamic finance, ensuring that products and services of the microfinance bank should align with Islamic banking principles. Through this collaboration, KMBL aims to develop and expand its Islamic banking portfolio, ensuring compliance with Shariah governance while enhancing financial accessibility for individuals and businesses seeking ethical banking solutions. Aameer Karachiwalla, CEO of KMBL, emphasized the significance of this partnership, “We are dedicated to ensuring that our customers have access to innovative, riba-free banking services that meet their financial needs while adhering to Islamic principles.” With the SBP’s guidelines setting the framework for a robust Islamic banking system, KMBL is proactively embracing Shariah-compliant financial solutions to cater to a growing demand for ethical and riba-free banking services.