KARACHI: BankIslami has launched BIPL Exchange Company Private Limited, its wholly owned currency exchange subsidiary, to facilitate legitimate foreign currency transactions and essential exchange services under a transparent, Shariah-compliant framework, a statement said on Thursday.
BIPL Exchange, an independent subsidiary of BankIslami, commenced operations with the inauguration of its first branch by Jahangir Siddiqui, founder of JS Group.“The launch of BIPL Exchange is a strategic step in extending our suite of financial services and advancing our commitment to a ‘riba’-free [interest-free] financial system. This new venture will enable us to better serve the evolving needs of customers while contributing to the development of Pakistan’s Islamic financial landscape,” said Rizwan Ata, president and CEO of BankIslami.
Muhammad Yaqoob Sheikhji, CEO of BIPL Exchange, commented at the launch, “Today marks the beginning of our mission to provide transparent, Sharia-compliant currency exchange services to customers across Pakistan. We are grateful to our partners and sponsors for their confidence and trust. This launch reinforces our commitment to delivering reliable financial solutions grounded in Sharia compliance, integrity and service excellence.’’
