Islamic banking is the growing part of the financial sector in Pakistan. Like other conventional banks that charge interests, these Islamic banks operate on profit-sharing, risk-sharing and ethical investing principles all under the principles of Shariah. This makes Islamic banking an attractive option for many people in Pakistan who prefer those banking methods that align with their faith and values. Over the years there has been a great popularity in Islamic Banking that provides a wide range of financial services, including savings accounts, current accounts, home and car financings, business loans, but all designed according to the principles of Islam. In this article we are going to explore the top 7 Islamic banks in Pakistan that are leading the way in the Islamic banking sector in Pakistan.
The Best 7 Islamic Banks in Pakistan You Should Know About
Discover the top Islamic banks in Pakistan that offer Shariah-compliant financial services. These banks provide interest-free banking solutions that align with your faith and values.
| Sr. | Bank Name | Website |
|---|---|---|
| 1 | Meezan Bank | meezanbank.com |
| 2 | BankIslami | bankislami.com.pk |
| 3 | Allied Aitebar Islamic Banking | abl.com |
| 4 | Bank Alfalah Islamic | bankalfalah.com |
| 5 | MCB Islamic Bank | mcbislamicbank.com |
| 6 | Al Baraka Bank Pakistan | albaraka.com.pk |
| 7 | Dubai Islamic Bank Pakistan | dibpak.com |
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Islamic Banking vs. Conventional Banking: What Sets Them Apart?
Following are the differences that make Islamic banking an attractive option for those who want to manage their finances according to the Islamic teachings.
| No Interest (Riba) | Islamic banks do not charge or pay interest on loans and deposits. As we all know that earning interest is prohibited in Islam. |
| Risk Sharing | In Islamic banking both the bank and the customer share the risks and rewards of the investment or business collaborations. Either its profit or loss, they had to contribute equally. |
| Asset-Backed Financing | Islamic banking requires all financial transactions to be used up in appropriate assets or services. |
| Restriction of Unethical Investments | Islamic banks avoid investing in businesses that are considered haram in Islam. |
| Promotes Ethical Investments | Islamic banking promotes ethical and socially responsible investing. It ensures that funds are used for activities that benefit society and follows Islamic rules. |
Meezan Bank – Premier Islamic Banking
Meezan bank is the largest Islamic bank in Pakistan and it is also the largest bank based on market capitalization in Pakistan. It is based in Karachi. Basically, it was founded in 1997, but later on it got the license of first-ever Islamic commercial banking by state bank of Pakistan. It provides a range of services to its customers in more than 300 cities with 1000+ branches spreading in whole country. In the year 2000, Meezan Bank was also listed on the Karachi Stock Exchange. Customers can get 24/7 banking services in which they can had access to 950 ATMS all over the country, Master Cards, Debit Cards, Visa Cards, Call Centers, Internet Banking, SMS, and Mobile Application facility.
Meezan Bank Unique Islamic Offering
| Head Office Address | Meezan House, C-25 Estate Avenue, SITE, Karachi. |
| info@meezanbank.com | |
| Phone Number | +92 21 111 331 331+92 21 111 331 332 |
| instagram.com/meezanbanklimited | |
| facebook.com/MeezanBank | |
| YouTube | youtube.com/@MeezanBankLtd1 |
| Website | meezanbank.com |
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BankIslami
BankIslami is the first Pakistani Islamic bank that got the license of Islamic Banking from state bank of Pakistan in 2004 and in 2006 it officially started operating in Pakistan. It has more than 400 branches in almost 150 cities nationwide. BankIslami is now ranked among 11th largest bank in the country. This bank is basically a joint venture of three main groups including: JS Group, Randeree Group, and Emirates NBD. Some of the major services of BankIslami includes: money transaction, deposit accounts, financing, trading, wealth management, online banking, auto finance, home financing, and other services all according to the Islamic laws.
Bank Islami Unique Islamic Offering
| Head Office Address | 11th Floor, Executive Tower, Dolmen City, Marine Drive, Block-4, Clifton, Karachi. |
| contact.center@bankislami.com.pkhttps://basmatipakistan.com/basmatipakistan-dashboard/ | |
| Phone Number | 021-111 475 264 |
| facebook.com/bipl.official | |
| instagram.com/biplofficial | |
| YouTube | youtube.com/@BankIslamiPakistanLimited |
| Website | bankislami.com.pk |
Allied Aitebar
Allied Aitebar comes third in our list of top 8 Islamic banks in Pakistan. Before independence in year 1942, it was named with Australasia Bank but after independence it became Allied Bank of Pakistan in 1974. In the year 2005, its ownership was transferred to a consortium to Ibrahim Group. Due to which its name was renamed to Allied Bank Limited. With over 75 years of existence, it has largest network of more than 1425 branches virtually and 1500+ ATMs in Pakistan. Allied bank also offers a convenient mobile app for finical management if your are looking to find more about the leading mobile banking apps in Pakistan then click on the given link.
Allied Aitebar Unique Islamic Offering
| cm@abl.com.pk | |
| Phone Number | 111-225-225 |
| facebook.com/alliedbankpk | |
| instagram.com/ablpk | |
| YouTube | youtube.com/user/alliedbankltd |
| Website | www.abl.com |
Bank Alfalah Islamic
Bank Alfalah Islamic banking was established in year 2003. The bank provides all the services that are Shari’ah compliant. It is equipped with all the team members that are qualified professionals and well-know about the Islamic regulations related to money handling and interests. They structure all the Islamic financial solutions and aligns exactly with the principles of the religion in context of banking and finance. All the rules made here are under the Shari’ah Board guidance.
Bank Alfalah Unique Islamic Offering
| Email Adress | complaints@pri.gov.pk |
| Phone Number | 111-225-111 |
| facebook.com/bankalfalahislamicofficial | |
| instagram.com/bank_alfalah | |
| YouTube | youtube.com/@BankAlfalahOfficial |
| Website | bankalfalah.com |
MCB Islamic Bank
MCB Islamic Bank was established in year 2015. It is a subsidiary of MCB Bank Limited and has multiple branches in all over the country. It serves as a first choice for Shari’ah compliant financial service provider in the country. All the Islamic services of bank are supervised by Famous chairman and Islamic scholar Professor Mufti Munib-Ur-Rehman of Shari’ah Board.MCB Islamic offers a lot of Riba Free and Islamic compliant services, all reliable for businesses, personal, SME, corporate, and more. It is backed by 245+ physical branches and 250+ ATMs. Debir cards by MCB are EMV enabled and apps are available on both iOS and android devices.
MCB Unique Islamic Offering
| Head Office Address | 59-T Commercial, Phase II DHA, Lahore |
| Phone Number | +92-42-34501000 |
| facebook.com/MCBIslamicBankLTD | |
| instagram.com/mcbislamicbank | |
| YouTube | youtube.com/c/MCBIslamicBank |
| info@mcbislamicbank.com | |
| Website | mcbislamicbank.com |
Al Baraka Bank
ABPL was founded in year 1991 and it is a subsidiary of Al Baraka Banking Group from Bahrain. It is headquartered in Karachi, Pakistan. The bank has presence in more than 97 cities in Pakistan and has almost 191 branches nationwide. It was incorporated as a public limited company in 2004 and in 2007 it received the Islamic Banking License by State Bank of Pakistan.In the year 2010, Al Baraka Bank was titled as “Best Regional Bank” at the annual Islamic Business and Finance Awards Ceremony that was held in Dubai. Same year it was also awarded with Compliance and Corporate Governance Awards. It offers a comprehensive suite of Shariah-compliant financial products.
Al Baraka Unique Islamic Offering
| Head Office Address | 162, Bangalore Town Main Shara-e-Faisal Darwaish Colony Karachi |
| facebook.com/AlBarakaPakistan | |
| linkedin.com/company/albaraka-islamic-bank | |
| Number of Branches | 190 branches+ |
| Website | albaraka.com.pk |
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Dubai Islamic Bank: Modern Islamic Bank in Pakistan
Dubai Islamic Bank started operating in Pakistan in year 2006 and since than it has expanded its branches across many cities of Pakistan. All the services offered at DIBPL are according to Shari’ah and are halal. It is a fully owned subsidiary of Dubai Islamic Bank UAE. DIBPL is also known as the first ever Islamic Bank in the world and in small time it gained popularity among Muslims in all over the world and started growing faster in Pakistan too. It incorporates the traditional Islamic values and the modern technology seamlessly the best of modern banking following the teachings of Islam. At Dubai Islamic Bank these is a full-fledged Sharia Department that looks after all the transitions made through this bank and all the other campaigns as well as marketing techniques are also monitored by this department.
Dubai Islamic Bank Unique Islamic Offering
| Phone Number | 111-786-DIB (342) |
| instagram.com/dubaiislamicbank_pakistan | |
| YouTube | youtube.com/user/dubaiislamicbank |
| facebook.com/DIBPakistan | |
| linkedin.com/company/433013 | |
| Website | dibpak.com |
Final Words
Islamic banking in Pakistan has grown over the last few years. It provides a reliable alternative to conventional banking that follows Islamic principles accurately. The top 7 Islamic banks in the country, such as Meezan Bank, Al Baraka Bank, and Bank Islami, among others, have established themselves as leaders in this Islamic banking sector. They offer a wide range of Shariah-compliant products and services. Choose what suits you the best.
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