Pakistan’s central bank is calling for a united push to fast-track the country’s shift toward Islamic and digital banking. Senior officials from the State Bank of Pakistan (SBP) and major commercial banks urged stronger collaboration between regulators, banks, and tech partners to modernise operations and drive transformation.
The discussion took place at “NextGen Islamic Banking in Pakistan – 2025”. A high-profile forum hosted by TMC Pvt. Ltd. and Azentio Software in Karachi. The event focused on accelerating Shariah-compliant innovation and building a future-ready financial ecosystem.
Dr. Zahid ur Rehman Khokher, Director of the Islamic Finance Policy Department at SBP, said:
“Pakistan’s banking future depends on how well we integrate innovation, compliance, and inclusivity. The State Bank’s Vision 2025 aims to shape a financial ecosystem that is Shariah-compliant, digitally empowered, and accessible to all segments of society. By fostering partnerships between regulators, financial institutions, and technology providers, we can achieve a resilient and future-ready banking sector.”
Industry experts shared insights on how Islamic banks can adopt new technologies while staying compliant. Mr. Haroon Tabraze, Principal Advisor at AAOIFI, stressed the importance of standardisation and capacity building. This must be done to align Pakistan’s practices with international Shariah standards. Mr. Rizwan Ata, President and CEO of BankIslami Pakistan, presented his bank’s transformation journey. Ahmed Ali Siddiqui from Meezan Bank discussed the challenges and successes of converting from conventional to Islamic banking.
Abdul Haseeb, Managing Director and CEO of TMC Pvt. Ltd., stated:
“Today’s dialogue reaffirmed that the banking sector’s evolution relies on collaboration, not competition, between regulators, institutions, and enablers. TMC remains committed to supporting the financial industry’s transformation through forums that connect strategy, policy, and technology.”
Sanjay Singh, CEO of Azentio Software, called this a new era for Pakistan’s banking industry, defined by digital ambition, regulatory innovation, and renewed customer trust. He said Azentio and TMC are working together to help banks innovate “with intelligence, speed, and integrity”.
A panel titled “Future-Ready Islamic Banking: Balancing Shariah Compliance, Growth & Digital Innovation” brought together top Shariah scholars. These scholars included Dr. Mufti Irshad Ahmed Aijaz, Mufti Abdullah Najeeb Siddiqui, Mufti Muhammad Hassaan Kaleem, and Faraz Younus Bandukda, moderated by Prof. Dr. Mufti Hassan Usmani. The discussion emphasised that digital tools and Shariah principles must evolve together to sustain growth.
The event ended with a shared vision: aligning innovation and compliance to shape a sustainable Islamic banking future. Also, it marked a milestone partnership between TMC and Azentio. This partnership is aimed at helping financial institutions across Pakistan modernise operations and accelerate digital transformation.