What is IBIOP?

The Islamic Banking Industry of Pakistan (IBIOP) was established as a collaborative initiative between the State Bank of Pakistan and leading Islamic banks in the country. Recognizing the need for a dedicated platform to raise awareness and promote Islamic banking products and services, IBIOP serves as a key driver in bringing Shariah-compliant financial solutions to the masses.

IBIOP was formed to provide a unified voice for Islamic banking, representing 5 fully-fledged Islamic banks alongside 17 conventional banks offering Islamic banking products through specialized branches. In accordance with Shariah law, which prohibits interest in all its forms—a fundamental aspect of conventional banking—IBIOP’s primary objective is to introduce and promote banking systems that adhere strictly to Islamic principles.

Through its efforts, IBIOP aims to offer consumers halal investment opportunities and savings options, ensuring that they can achieve their financial goals without compromising their religious beliefs.