From our news desk from Karachi, State Bank of Pakistan has given permission Bank Alfalah Limited to set up its Islamic Banking subsidiary. The Bank Alfalah currently has 60 Islamic banking branches nationwide. After the formal launch of Islamic subsidiary, the bank will become the 3rd largest Islamic bank in Pakistan.

State Bank of Pakistan has a three steps plan to encourage Islamic banking in Pakistan, and this permission to Bank Alfalah is an important milestone in this regard.

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