FABL has completed its conversion in Islamic Banking

MG News | December 30, 2022 at 02:49 PM GMT+05:00

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December 30, 2022 (MLN): Faysal Bank Limited (FABL) has completed its conversion from Conventional Bank to a full fledged Islamic Bank, a notice issued by company to PSX on Friday showed.

Accordingly, the State Bank of Pakistan (SBP) has been pleased to grant the Islamic Banking License to FABL on December 30, 2022. The Islamic Banking License granted to FABL will be effective from January 1, 2023, the company added.

Furthermore, FABL has surrendered its conventional banking license to the SBP.

The company stated, “ALLHAMDOLILLAH, from January 1, 2023, Faysal Bank Ltd., will conduct its business and operations as an Islamic Bank under the duly issued Islamic Banking License.”

At the time of writing, the scrip of the company is being traded at Rs25.49, which is up by Rs0.89 or 3.62% DoD.

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