The Standard Chartered Bank on Friday launched Islamic banking and became "the first international bank to offer Islamic products in Pakistan".
Addressing the launching ceremony, Badar Kazmi, Chief Executive of the Bank in Pakistan, said that the future of Islamic Banking industry in Pakistan "is extremely promising".
He said: "With the support of our partners, especially the State Bank of Pakistan through its proactive regulatory and promotional policies, we are well positioned to play an important role in further developing this market.
"Today's landmark event, which will make Standard Chartered the first international bank to offer Islamic products in Pakistan, is yet another indication of our commitment to Pakistan."
Earlier, Abid Sattar, Head of Consumer Banking, said that the first dedicated Islamic Branch of the Bank has been opened at Hotel Metropole, Karachi.
Standard Chartered's presence in almost 60 percent of the Muslim world provides a unique ability for the bank to understand, structure and deliver Islamic solutions suitable for its customers, he said.
With Middle East and South Asia, Pakistan taking the lead as a pilot country leads the Islamic Banking initiative. Countries next in line are UAE and Bangladesh.
State Bank representative on Islamic Banking Pervez Saeed enlightened the gathering about the progress made by the State Bank for promotion of the Islamic Banking in the country.
He said that it was now up to the people to make the Islamic banking either success or failure as choices have been put before them.
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