Khushhali Microfinance Bank Limited (KMBL) has taken a significant step toward expanding its Islamic banking offerings by collaborating with Qazi Shariah Consultancy. This strategic partnership aligns with the State Bank of Pakistan’s Vision 2028, which aims to facilitate the transition of conventional banks into Shariah-compliant financial institutions, in line with the Federal Shariat Court’s decision.
With the SBP’s guidelines setting the framework for a robust Islamic banking system, KMBL is proactively embracing Shariah-compliant financial solutions to cater to a growing demand for ethical and riba-free banking services. Through this collaboration, KMBL will benefit from Qazi Shariah Consultancy’s extensive expertise in Islamic finance, ensuring that its products and services align with Islamic banking principles.
The official signing ceremony was attended by key executives from both organizations, including Aameer Karachiwalla – President & Chief Executive Officer, KMBL, Muhammad Aftab Alam – Chief Business Officer, KMBL, and Maazullah Khan – Consultant, Qazi Shariah Consultancy.
Speaking on the occasion, Aameer Karachiwalla, CEO of KMBL, emphasized the significance of this partnership, stating, “As part of our commitment to financial inclusion and ethical banking, KMBL is proud to join hands with Qazi Shariah Consultancy. This partnership marks a milestone in our journey toward offering fully Shariah-compliant financial solutions, in line with the State Bank of Pakistan’s vision for the industry. We are dedicated to ensuring that our customers have access to innovative, riba-free banking services that meet their financial needs while adhering to Islamic principles.”
Through this collaboration, KMBL aims to develop and expand its Islamic banking portfolio, ensuring compliance with Shariah governance while enhancing financial accessibility for individuals and businesses seeking ethical banking solutions.