Customers being disheartened are switching from conventional banks i.e HBL, UBL, NBP and MCB to Islamic Bank as a disagreement against their move in opposition to file a review on the case of Riba based economy in Supreme Court.
As per branch manager of Islamic Bank situated near Karachi Press Club, account opening ratio jumped from 10 to 13 – 14 accounts usually of customers of conventional bank.
Further, he added more apart from new accounts, the increase in queries related to accounts has been observed as individuals and firms want to shift their accounts from conventional to Islamic banks.
It is important to mention that in April Riba based economy was ruled against by Federal Shariat Court requesting the government to
impose the Islamic banking system all over the country in the period of five years. The decision was announced after two decades of period with mutual discussion of economic experts, religious leaders and numerous stakeholders.
A review petition was filed by the State Bank of Pakistan with 4 conventional banks i.e HBL, UBL, MCB and NBP in Supreme Court of Pakistan against the case.
In June, the State Bank of Pakistan along with four major banks—HBL, UBL, MCB Bank, and NBP—filed a review petition in the Supreme Court of Pakistan against the case.
