DIBPL and ZLK Islamic Financial Services Partner to Boost Shariah-Compliant Financial Access

In a strategic initiative to broaden Shariah-compliant financial access, Dubai Islamic Bank Pakistan Limited (DIBPL), a subsidiary of Dubai Islamic Bank UAE, has formed a partnership with ZLK Islamic Financial Services. This collaboration aims to significantly enhance the availability of Shariah-compliant financial products, catering to the diverse needs of DIBPL’s extensive customer base, which includes Roshan Digital Account holders and local clients.

This partnership underscores DIBPL’s commitment to providing ethical and Shariah-compliant financial solutions, ensuring that customers can invest and manage their finances in alignment with Islamic principles.

The MoU signing ceremony took place at DIBPL’s head office in Karachi. The agreement was signed by Junaid Ahmed, CEO of DIBPL, and Zahid Latif Khan, Chairman of ZLK Islamic Financial Services. The ceremony was also attended by Ashfaq Ahmad Khan, COO of ZLK Financial Services, and Naveed Malik, Head of Consumer Banking at DIBPL, along with other key departmental heads.

Expanding Shariah-Compliant Financial Products

This partnership marks a crucial step towards broadening the scope of Shariah-compliant financial products available to customers. With this collaboration, clients will have access to a range of Riba-free financial products including shares, Government of Pakistan (GoP) Ijaras, Sukuk, Exchange-Traded Funds (ETFs), and Murabaha Share Financing (MSF). These products align with Islamic financial principles, ensuring that customers can invest ethically.

Commitment to Ethical Finance

Junaid Ahmed, CEO of DIBPL, expressed his enthusiasm about the partnership: “At DIBPL, we are committed to pioneering Islamic banking solutions. This collaboration with ZLK Islamic Financial Services highlights our dedication to expanding access to innovative financial products, promoting financial inclusion and prosperity.”

Naveed Malik, Head of Consumer Banking at DIBPL, added: “Our collaboration with ZLK enhances our business by opening new markets and streamlining operations. This partnership aligns with our vision of generating Halal Munafa and promoting financial inclusion, providing Shariah-compliant banking services to underserved populations for positive social and economic impacts.”

Strategic Importance of the Partnership

Zahid Latif Khan, Chairman of ZLK Islamic Financial Services, emphasized the strategic importance of the partnership, stating: “We are excited to partner with DIBPL to enhance our brokerage services and provide clients with seamless access to Shariah-compliant investment opportunities. Together, we will deliver value-added solutions that meet the highest standards of Islamic finance.”

The Impact on Pakistan’s Islamic Finance Sector

This partnership between DIBPL and ZLK Islamic Financial Services is expected to create a more conducive ecosystem for Sharia-compliant products and services. By doing so, it will contribute to the sustainable growth and development of Pakistan’s Islamic finance sector. The collaboration is not only a testament to the commitment of both organizations to ethical finance but also a step toward financial inclusion and economic prosperity.

Growing Demand for Shariah-Compliant Products

The global demand for Shariah-compliant financial products has been on the rise. According to a report by Thomson Reuters, the Islamic finance industry is projected to grow at a compound annual growth rate (CAGR) of 10% over the next five years. This growth is driven by increasing awareness and preference for ethical finance among consumers, as well as supportive government policies in many Muslim-majority countries.

Broader Implications

The partnership is also expected to have broader implications for the financial market in Pakistan. By providing access to diverse investment opportunities that comply with Islamic principles, it will help attract more investors to the market. This, in turn, can lead to increased capital inflow and economic development.

The partnership between DIBPL and ZLK Islamic Financial Services marks a significant milestone in advancing Shariah-compliant financial access in Pakistan. This collaboration highlights the dedication of both organizations to ethical finance and their commitment to meeting the diverse financial needs of their clients.

As the Islamic finance industry continues to grow, partnerships like this will be crucial in ensuring that financial products and services remain accessible, innovative, and fully aligned with Islamic principles. This strategic alliance not only promotes financial inclusion but also supports the sustainable growth of Shariah-compliant finance, benefiting customers and the broader economy alike.

For more updates on Shariah-compliant financial products and services, stay tuned to The Halal Times.