BankIslami’s ‘riba-free’ initiative gains support across Pakistan

KARACHI: BankIslami, one of Pakistan’s prominent Islamic financial institutions, has launched a new campaign promoting riba-free (interest-free) banking services to people from various backgrounds and faiths. The initiative underscores BankIslami’s commitment to ethical, inclusive banking, which aligns with Pakistan’s broader shift towards a Sharia-compliant financial system.

The global Islamic finance sector, valued at over $3 trillion, continues to grow, reflecting a rising demand for ethical, Sharia-compliant solutions. Pakistan’s own State Bank has committed to a plan that will transition all commercial banks to an Islamic banking system over the coming years, solidifying the country’s stance on a fully Sharia-compliant financial sector.

The launch event featured prominent figures, including State Bank of Pakistan Governor Jameel Ahmad, who expressed the bank’s commitment to fairness. “At the State Bank, we envision a Pakistan with a fair and modern financial system, accessible to all, regardless of background or financial status. BankIslami’s vision of ‘Saving Humanity from Riba’ underscores a commitment to inclusive banking,” he stated.

The campaign’s television commercial (TVC) shows individuals from diverse religious backgrounds. Arjun Singh, a Sikh community member, expressed optimism, saying, “This initiative gives us hope.” Similarly, Lorna Fernandez commented, “Seeing our stories represented makes us feel included,” reflecting the importance of ethical banking practices that align with personal beliefs.

On social media, the campaign has received positive feedback for promoting ethical and inclusive banking. “BankIslami’s new campaign is a breath of fresh air, aligning services with diverse ethical values,” one user commented. Another remarked, “As someone who values interest-free banking, I’m glad to see BankIslami making it accessible to everyone, regardless of faith.”

The term ‘riba’, or interest, is viewed as unjust in several religious traditions. BankIslami’s riba-free offerings promote transparency, trust, and financial empowerment, aiming to create a system where all citizens can achieve financial stability without compromising their values. The initiative is designed to foster inclusivity, providing fair, transparent financial alternatives that appeal to people of all faiths.