KARACHI: Bank Alfalah has inaugurated Pakistan’s first Digital Islamic Consumer Finance Center (ICFC) in Karachi, the bank said on Tuesday, marking a major step toward expanding integrated Shariah-compliant financial services.
Pakistan has been steadily expanding its Islamic banking sector over the past two decades, with Shariah-compliant finance now forming a significant share of the financial system.
The ICFC combines digital consumer financing, an Islamic banking branch, and a self-service digital lobby at one destination, where customers can explore on-site inventory of homes, vehicles and solar solutions, and receive specialist advisory and apply for financing digitally.
“This center is the future of consumer banking. We are redefining the experience while expanding access to Shariah-compliant solutions,” Bank Alfalah CEO Atif Bajwa said.
Through a fully digital journey, applicants get instant credit assessment and approval via a digital credit agent, eliminating paperwork and reducing processing time, according to Bank Alfalah.
Partnerships with leading developers, automotive, solar and consumer brands enable customers to compare products and complete financing in a single visit.
With the launch of ICFC, Bank Alfalah also crosses 451 Islamic banking branches nationwide.
Islamic banking accounts for roughly one-fifth of total banking assets and deposits, while its physical footprint has grown rapidly, with nearly 42 percent of the country’s banking branch network now offering Islamic services through dedicated banks or Islamic windows of conventional lenders.
The shift is being driven in part by a landmark ruling by the Federal Shariat Court, which in 2022 declared interest-based banking un-Islamic and directed the government to eliminate “riba” from the financial system.
