Islamic Banks in Pakistan

Following are the major Islamic banks in Pakistan:

Al Baraka Bank (Pakistan) Limited (ABPL) - ABPL is the result of a merger between Al Baraka Islamic Bank Pakistan (AIBP), the branch operations of Al Baraka Islamic Bank (AIB) Bahrain and Emirates Global Islamic Bank (Pakistan). The Bank offers a broad range of Islamic financing products such as Murabaha, Ijarah, Musharakah and Islamic Export Refinance, and more. PACRA has maintained the Bank's long term rating at “A” while upgraded its short term rating to "A1" and has assigned “Positive” outlook to these ratings.

Dubai Islamic Bank Pakistan Limited (DIBPL) - The Bank started operations in 2006, and has undertaken major initiatives to expand its branch network across the country. It has launched Pakistan's first Islamic Visa Debit Card and introduced financial products covering Home Financing, Auto Financing, and Depository products. DIBPL has also introduced Priority Banking and Internet Banking.

BankIslami Pakistan Limited - It was the first Bank to receive the Islamic Banking license under the Islamic Banking policy of 2003 on March 31, 2005. The State Bank of Pakistan declared BankIslami Pakistan Limited as a Scheduled Bank with effect from March 17, 2006.

Burj Bank - Dawood Islamic Bank (DIBL) has been renamed as Burj Bank, effective July 11, 2011, with the approval of the State Bank of Pakistan (SBP). The Bank has an AA Shariah rating from the International Islamic Rating Agency (IIRA) while JCR-VIS has rated it A- for long term and A2 for short term.

Meezan Bank Limited - It has been awarded 'Islamic Bank of the Year' by CFA Association of Pakistan. Meezan Bank is the first bank in Pakistan to introduce the concept of Eight-to-Eight banking, giving its customers access to the branch from 8 'o clock in the morning to 8 'o clock at night. Its free On-line Banking facility allows all customers to access their account and conduct banking transactions from any branches nationwide.

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