Samba Bank Limited has announced its decision to transition from a conventional banking model to an Islamic banking institution, as per a notice sent to the Pakistan Stock Exchange on Thursday.
In an official disclosure, the bank revealed that its Board has given “in-principle” approval for the conversion plan.
“The Board of Samba Bank Limited has, in-principle, approved the plan to convert from Conventional to Islamic Bank,” the notification stated.
The bank also informed its stakeholders that a preliminary conversion plan will be submitted to the State Bank of Pakistan for regulatory approval.
This move aligns with the rising demand for Shariah-compliant banking services in Pakistan, where the Islamic banking sector has been expanding rapidly in recent years.