Askari Bank Ltd is fast-tracking its strategic shift toward a fully Sharia-compliant model. The bank is actively extending Islamic banking services across its entire network of branches, moving away from conventional banking methods. This major operational pivot aligns with Pakistan’s broader national directive to expand and strengthen its Islamic financial ecosystem.
This move is likely a response to the Federal Shariat Court’s (FSC) historic judgment (made in 2022), which mandated that Pakistan’s economy must transition to a Riba-free (interest-free) Islamic banking system by December 2027.
A Market Demand? There is a massive demand in Pakistan for faith-based financing. By converting conventional branches to Islamic ones, Askari Bank isn’t just complying with regulations; they are tapping into a huge customer base that previously opted out of the banking system due to religious concerns regarding interest.