KARACHI: State Bank of Pakistan (SBP) Deputy Governor Saleemullah on Tuesday stressed that Islamic banking should go beyond nomenclature and be clearly evident in actual business practices, rooted in transparency, ethics and fairness.
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Addressing a certificate distribution ceremony at the Saylani School of Business and Islamic Leadership (SBIL), he said Islamic banking represented a transparent financial system whose principles were demonstrated more than 1,400 years ago through the trade practices of the Holy Prophet Muhammad (PBUH). He urged banks transitioning towards Islamic banking to become role models by ensuring that all transactions are free of hidden conditions and fully understood by customers.
Mr Saleemullah described the business community as a national asset for its role in wealth creation and employment generation, adding that Islamic banking must be visible in action rather than confined to labels. He also praised Saylani Welfare for transforming youth into productive contributors to society, saying SBIL reflected the institution’s readiness to meet future challenges.
Speaking on the occasion, Sindh Bank President and CEO Muhammad Anwar said Islamic banking was superior to conventional banking and announced that 60 branches of Sindh Bank would be converted to Islamic banking during the current year. He said another 150 branches would be converted in 2026, while the remaining 120 would complete the transition by 2027.
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Mr Anwar said the shift was voluntary and not driven by external pressure, adding that the bank believed Islamic banking to be the most disciplined and sustainable financial model. Saylani Welfare Chairman Maulana Bashir Farooq reiterated the organisation’s commitment to eliminating interest-based systems in collaboration with the SBP and the Council of Islamic Ideology.