KARACHI: Deputy Governor State Bank of Pakistan (SBP) Saleem Ullah has said that Islamic banking must not remain limited to nomenclature but should be clearly reflected in practice. He said Islamic banking represents a transparent financial system whose practical demonstration was set 1,400 years ago by the Holy Prophet Muhammad (PBUH) through his trade practices.
He urged all banks and experts moving towards Islamic banking to become role models by upholding ethical values and ensuring that customers are fully aware that their transactions are free from hidden conditions. He was addressing the certificate distribution ceremony of Saylani School of Business and Islamic Leadership (SBIL).
President and CEO Sindh Bank Muhammad Anwar said that Islamic banking is far superior to conventional commercial banking. He announced that 60 branches of Sindh Bank will be converted to Islamic banking during the current year. He further stated that out of the bank’s total 330 branches, 60 branches will be converted in 2025, another 150 in 2026, while the remaining 120 branches will complete conversion by 2027.
Chairman Saylani Welfare International Trust, Maulana Bashir Farooq, said that Saylani is determined to eliminate the interest-based system from the country in collaboration with the State Bank of Pakistan and the Council of Islamic Ideology. He emphasized that the Qur’an clearly declares interest (riba) as war against Allah, and therefore efforts to end the interest-based system will continue with full commitment.
The speakers expressed these views while addressing the SBIL graduation ceremony. Other speakers included Head of Saylani Islamic Finance and Leadership Wing Muhammad Islam Ahmed, nominated Vice Chancellor of Imam Ahmed Raza University of Emerging Sciences and Technology Professor Dr. Muhammad Rashid Kamal Ansari, renowned businessman Hamza Tabani, and others.
Prominent participants of the event included Director Projects Imam Ahmed Raza University Dr. Faisal Ahmed Khan Afridi, nominated Registrar Professor Suhail Ibrahim, Amjad Chamdia, Afzal Chamdia, and others.
Deputy Governor SBP Saleem Ullah paid rich tribute to the services of Saylani Welfare and said that from Dastarkhwan to higher education, and from birth to death, Saylani has addressed public needs comprehensively. He said the greatest contribution of Saylani to Pakistani society is transforming a youth—who could have become a burden on society—into a valuable national asset. He added that the Saylani School of Business and Islamic Leadership is clear evidence that the institution is well-prepared for future challenges.
Earlier, Head of Saylani Islamic Finance and Leadership Wing Muhammad Islam Ahmed introduced SBIL and said that Saylani aims to support the State Bank of Pakistan in achieving its 2027 Islamic banking targets. He said Saylani’s nationwide network is already providing quality, non-profit training across the country.
Copyright Business Recorder, 2025
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