Faysal Bank of Pakistan to launch Islamic Banking Window

Faysal Bank of Pakistan to launch Islamic Banking Window

Faysal Bank Ltd. plans to expand its domestic branch network in Pakistan and start a new Islamic division to take advantage of rising demand for Shariah-compliant products and farm loans. Shares rose.

The bank will increase its number of outlets to 150 by December 2009, and will start the Islamic banking unit next week, Chief Executive Officer Naved A. Khan said in Karachi yesterday, in his first interview since taking the helm in March. Faysal Bank, Pakistan’s ninth-biggest, has 107 branches across the nation and plans to add 23 this year.

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