Samba Bank Limited has received in-principle approval from the State Bank of Pakistan (SBP) to convert into a full Islamic bank. This marks a major step in the bank’s transformation journey.
SBP Gives the Green Light
The SBP granted approval after reviewing Samba Bank’s detailed conversion plan. The bank had submitted this plan earlier in March 2025.
In a notice to the Pakistan Stock Exchange (PSX), Samba Bank confirmed the development. The approval allows the bank to begin shifting its operations to a Shariah-compliant structure. However, it must still meet all regulatory conditions set by the SBP.
The bank has also informed the Securities and Exchange Commission of Pakistan (SECP) and the SBP’s Banking Policy & Regulations Department about the approval. This move shows its commitment to a structured and transparent transition.
Samba Bank Moving Towards Islamic Banking
With this approval, the bank can now expand its Islamic banking services once it fulfills all remaining requirements. The transformation aligns with SBP’s broader goal to promote Islamic finance in Pakistan.
A Samba Bank spokesperson said:
“The bank is fully committed to meeting all regulatory standards and ensuring a smooth transition.”
They added that the shift will help offer a wider range of Shariah-compliant products to customers.
A Shift in Pakistan’s Banking Landscape
Samba Bank’s decision reflects a growing trend in the industry. More banks are now choosing to either open Islamic windows or fully convert their operations. SBP is actively supporting this trend to increase the share of Islamic banking in the country.
As Samba Bank moves forward, it joins a growing list of institutions aligning with Islamic principles. This signals a clear shift in Pakistan’s financial landscape.