Faysal Bank wins global award

KARACHI: Faysal Bank Limited (FBL) has been named the "Best Emerging Islamic Bank 2023" by the Global Islamic Finance Awards (GIFA), a prestigious recognition for its successful transition from a conventional bank to an Islamic bank.

The award was presented by Senegalese President Macky Sall at a ceremony in Dakar, where FBL's CEO Yousaf Hussain also received the "Islamic Banker of the Year" award for his leadership during the transformation and the bank's strong performance.

"The global award is in recognition of Faysal Bank’s recently concluded landmark journey of transformation from a conventional bank to an Islamic bank coupled with sustained high business growth & strong financial performance," the bank said in a statement. "This journey is being recognised as world’s largest transformation to an Islamic Bank. "

Mian M. Younis, chairman of the board of Faysal Bank, attributed Bank’s success to Allah’s blessings, board’s sound strategic vision, management’s delivery excellence and stakeholder support including that by our customers, State Bank of Pakistan and shariah scholars.

He said that Faysal Bank, being a role model due to its successful transformation, had adopted a leadership role for propagation of Islamic Banking in Pakistan.

Faysal Bank, with its 700 plus growing network of Islamic branches carries highest possible local Shariah rating by the International Islamic Rating Agency.