BankIslami has entered into a strategic collaboration with the National Clearing Company of Pakistan Limited (NCCPL) to further expand the reach of Islamic finance in the country’s capital markets. The agreement, formalized through a Memorandum of Understanding (MoU), is aimed at introducing innovative Shariah-compliant investment avenues while fostering greater inclusivity and accessibility for investors seeking Riba-free solutions.
The signing ceremony took place at BankIslami’s headquarters in Karachi and was attended by senior representatives from both institutions. The collaboration underscores the growing demand for Islamic financial services in Pakistan and highlights a shared commitment to developing robust platforms that align with Islamic principles.
Speaking at the occasion, Rizwan Ata, President and CEO of BankIslami, emphasized the importance of this step in reshaping the financial landscape. “Through this partnership, we take a step towards making Pakistan’s capital markets more accessible by offering robust, interest-free financial solutions. Our objective is to encourage wider participation and create greater investment opportunities for all,” he stated.
Naveed Qazi, CEO of NCCPL, echoed this sentiment, noting the significance of the collaboration for the capital markets. “Our collaboration with BankIslami marks a step forward in advancing Shariah-compliant solutions within Pakistan’s capital market. We are confident this collaboration will create opportunities for greater accessibility, inclusivity, and investor trust,” he said.
The partnership merges BankIslami’s expertise in Islamic banking with NCCPL’s advanced technological infrastructure. This synergy is expected to provide customers with access to a wide range of Shariah-compliant financial instruments, including equities and debt securities. The initiative is designed not only to broaden the spectrum of investment options but also to reinforce confidence among investors who prioritize faith-based financial principles.
For NCCPL, the agreement represents an opportunity to expand its infrastructure and integrate more Islamic finance offerings into its ecosystem. For BankIslami, the collaboration aligns with its mission of “Saving Humanity from Riba,” a guiding principle that defines its vision to promote interest-free banking practices across all segments of the economy.
The MoU also reflects a broader trend in Pakistan’s financial sector where Islamic finance is rapidly gaining traction. With growing public awareness, increasing investor appetite, and regulatory support, the demand for Shariah-compliant products is steadily rising. This partnership positions both BankIslami and NCCPL at the forefront of this transformation, enabling them to play a pivotal role in deepening the roots of Islamic finance within the capital markets.
Industry experts believe that the move will open new doors for retail and institutional investors who have been seeking safe, transparent, and interest-free investment opportunities. By providing easier access to Islamic equities and debt securities, the collaboration has the potential to boost participation in the capital market, expand the investor base, and foster long-term growth.
BankIslami has consistently introduced innovative products and services that adhere to Islamic principles, while NCCPL has built a reputation as a reliable clearing and settlement institution with robust infrastructure. Together, they aim to create a stronger, more inclusive capital market that caters to the evolving needs of Pakistani investors.
The collaboration sets the stage for sustainable growth in Islamic finance and is expected to further solidify Pakistan’s position as a market where Shariah-compliant financial solutions are not just an alternative, but a mainstream option.
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