Senior representatives from the State Bank of Pakistan (SBP) and commercial banks have underscored the need for deeper collaboration between regulators, banks, and technology partners to accelerate Islamic and digital banking transformation in Pakistan. Speaking at “NextGen Islamic Banking in Pakistan – 2025,” an exclusive forum hosted by TMC Pvt. Ltd. and Azentio Software in Karachi, they called for steps enabling financial institutions across Pakistan to modernize their operations, meet evolving regulatory requirements, and accelerate their Islamic banking transformation.
“Pakistan’s banking future depends on how well we integrate innovation, compliance, and inclusivity. The State Bank’s Vision 2025 aims to shape a financial ecosystem that is Shariah-compliant, digitally empowered, and accessible to all segments of society. By fostering partnerships between regulators, financial institutions, and technology providers, we can achieve a resilient and future-ready banking sector,” said Dr. Zahid ur Rehman Khokher, Director Islamic Finance Policy Department, State Bank of Pakistan.
Industry leaders from Islamic Banking and Sharia Compliance discussed success stories and a roadmap for building a modern, compliant, and innovation-driven banking ecosystem. Mr. Haroon Tabraze, Principal Advisor, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) emphasized the importance of standardization and capacity building in ensuring Pakistan’s banking sector remains aligned with global Shariah practices. Mr. Rizwan Ata, President and CEO, BankIslami Pakistan Ltd, highlighted strategic challenges and practical solutions in implementing large-scale Shariah-compliant models, by presenting BankIslami case study. Ahmed Ali Siddiqui, Group Head & SEVP – Consumer Finance, Meezan Bank Limited, shared insights on Meezan Bank’s experience of conversion from Conventional to Islamic Banking.
Abdul Haseeb, Managing Director & CEO, TMC Pvt. Ltd., stated, “Today’s dialogue reaffirmed that the banking sector’s evolution relies on collaboration, not competition, between regulators, institutions, and enablers. TMC remains committed to supporting the financial industry’s transformation through forums that connect strategy, policy, and technology.”
“We’re witnessing a new era for Pakistan’s banking industry, one defined by digital ambition, regulatory transformation, and a renewed focus on customer trust,” said Sanjay Singh, CEO of Azentio. “At Azentio, together with TMC, we’re proud to support financial institutions lead this change, accelerating innovation with intelligence, speed, and integrity.”
The event included a panel discussion, titled “Future-Ready Islamic Banking: Balancing Shariah Compliance, Growth & Digital Innovation”, which brought together some of the country’s foremost experts in Islamic finance. Moderated by Prof. Dr. Mufti Hassan Usmani, Shariah Board Member, Faysal Bank Limited, the panel included Dr. Mufti Irshad Ahmed Aijaz, Chairman Shariah Board, BankIslami Pakistan Ltd, Mufti Abdullah Najeeb Siddiqui, Resident Shariah Board Member, Al Baraka Bank Pakistan Ltd, Mufti Muhammad Hassaan Kaleem, Member Shariah Board, Dubai Islamic Bank Pakistan Limited, and Faraz Younus Bandukda, CEO, Al Hilal Shariah Advisors. The panel discussed the evolving relationship between regulation and innovation, emphasizing that digital tools and Shariah principles must advance in tandem to sustain growth.
The event convened an exceptional lineup of thought leaders and industry experts to discuss Islamic finance transformation, regulatory frameworks, and digital innovation. Key sessions explored the role of compliance as a growth enabler, harmonization of Shariah standards, and the State Bank’s roadmap for modernization. The event concluded with consensus on aligning innovation and compliance to shape a sustainable future for Islamic banking in Pakistan.
“NextGen Islamic Banking in Pakistan – 2025” was a milestone for TMC and Azentio, who have joined forces to accelerate the transformation of Pakistan’s financial sector. The two companies have entered a strategic partnership poised to enable financial institutions across Pakistan to modernize their operations, meet evolving regulatory requirements, and accelerate their Islamic banking transformation. This partnership combines Azentio’s world-class Islamic core banking platform, AML and compliance solutions, digital lending capablities, and transformative technologies with TMC’s deep local market expertise.