Faysal Bank Ltd (FABL) has completed its conversion from a conventional bank to a full-fledged Islamic Bank, with the new name Faysal Islami.
In a notification to the Pakistan Stock Exchange (PSX) on Friday, it said that the State Bank of Pakistan (SBP) granted the Islamic Banking License to Faysal Bank Ltd on December 30, 2022.
The Islamic Banking License granted to Faysal Bank Ltd., will be effective from January 1, 2023. Furthermore, Faysal Bank Ltd., has surrendered its conventional banking license to the State Bank of Pakistan.” the notification added.
It further said that the bank will conduct its business and operations as an Islamic Bank under the duly issued Islamic Banking License from January 1, 2023.
This is the largest conversion of a conventional bank into an Islamic one in the world. After the successful conversion from a conventional to Islamic bank, the bank will be operating a total of 639 Islamic banking branches.