Staff Reporter
Karachi
One of Pakistan’s leading banks, Faysal Bank Limited (FBL), was amongst the lead sponsors and participants in this year’s IFN Forum Pakistan conference. The day-long conference was held in partnership with the State Bank of Pakistan.
The IFN Forum Pakistan conference provides local regulators, market players and interested stakeholders an impartial platform to identify critical issues and objectively discuss potential solutions for the Islamic Banking industry. Faysal Bank Limited is committed to expanding financial inclusion through Islamic finance.
Speaking on the panel for Financial Inclusion through Islamic Finance, Mr. Muhammad Faisal Shaikh, Head Islamic Banking, Faysal Bank Limited,said: “On the Fintech side, to increase our reach to the mass population, we are working on a new digital strategy in which we are coming up with new payment strategies, including mobile wallets. We have also hired the services of an International Consultant who is advising us on developing our digital banking model. In order to increase financial inclusion in the country, we have also partnered with IBA Karachi and IMSciences Peshawar to increase awareness about Islamic Banking products and services in Pakistan.” Commenting with regards to what regulatory initiatives the Islamic Banking industry would like to see, to increase financial inclusion, Faisal Shaikh stated: “It is time we all collaborate on an industry level to make it easier for the investors and SMEs to simplify the process of Islamic Banking transactions through effective usage of Islamic Fintech solutions. This will not only benefit the industry, but will also help increase the penetration of Islamic Banking on the SME side.”
Responding to a question regarding the transformation process Faysal Bank is undergoing, he added, “As you are aware Faysal Bank is going through a conversion process, which is in fact the largest conversion process in the world. Nowhere in the world has a bank, with more than 200 branches, been converted.
