Islamic Finance Division
Empowering Economic Progress through Shariah Compliant Finance.
Pakistan’s first Development Finance Institution (DFI) with a licensed Islamic Finance Division offering Shariah certified, transparent and development focused financing solutions tailored to diverse business needs.
PKIC takes pride in being the first institution in Pakistan to introduce a comprehensive Islamic Finance model within the framework of a Development Finance Institution (DFI). This is a groundbreaking initiative that defines how Islamic banking principles and products can be effectively structured and operated within a DFI which, by nature, differs from a commercial bank in its funding structure and developmental focus. Through this pioneering effort, PKIC is setting a national precedent and offering a roadmap for integrating Shariah-compliant finance into the developmental finance landscape.
Why Choose Us
Shariah Governance
Our Islamic Finance operations are overseen by a qualified Shariah Advisor and supported by robust internal Shariah compliance controls. This dual layer framework ensures that every product, agreement and transaction strictly adheres to Islamic principles.
Dedicated Islamic Division
PKIC’s Islamic Finance Division is fully licensed by the State Bank of Pakistan, functioning as a separate division within the organization focused exclusively on delivering Shariah compliant financial solutions.
Institutional Strength & Technology
Leveraging PKIC’s longstanding legacy in infrastructure and development finance, our Islamic Division is supported by Temenos Islamic Core Banking, ensuring operational efficiency, transparency and industry leading practice.
Our Products
Murabaha
Istisna
Tijarah
Musharka
Diminishing Musharka
Running Musharka
Bai Muajjal
Mudarabah
Interbank Musharaka
Ijara
Wakala
Shariah Assurance & Governance
Know Our Shariah Team, shariah compliance Function
PKIC-IFD’s Shariah Compliance Function plays a central role in ensuring adherence to Islamic principles across all operations. Operating under the guidance of our Shariah Advisor, the team is responsible for initial Shariah review of products, process flows, contracts and client queries before final approval is obtained from the Shariah Advisor.
In line with SBP’s Shariah Governance Framework (SGF), our team also facilitates internal Shariah reviews, ensures enforcement of audit recommendations, monitors operational compliance, and supports Shariah-related training and awareness across the institution. The department serves as a key liaison between business management and the Shariah Advisor, ensuring all decisions are backed by sound Shariah principles and executed in line with regulatory expectations.
CONTACT DETAIL OF SHARIAH COMPLIANCE FUNCTION
Rizwan Ahmed – Manager Shariah Compliance Function
Email ID: rizwan.ahmed@pkic.com
Phone No.: (021) 111 611 611 Ext.293
Our Shariah Process
At PKIC-IFD, every Islamic financial product and transaction undergoes a structured and rigorous Shariah validation process. The initial review is conducted by the Shariah Compliance Function, which evaluates the structure in line with AAOIFI, SBP and shariah advisor guidelines and proposes any necessary changes or improvements. These recommendations are then submitted to the Shariah Advisor for final review and approval.
Shariah Audit
PKIC-IFD conducts regular Shariah audits to ensure that all operations, documentation and practices remain in strict compliance with Islamic principles. The audit assesses product execution, client agreements, profit calculation and pool management and highlights any deviations or process improvements. These audits serve as a critical check to uphold transparency, trust and Shariah integrity across the institution.
Tools & Resources
Download Fatawa (PDF)
Download the complete set of approved Shariah pronouncements (fatawa) related to the products currently offered by PKIC-IFD. Each fatwa has been reviewed and endorsed by our Shariah Advisor to ensure strict compliance with Islamic principles in structure and execution.
Shariah Certificate – COII
Shariah Certificate – Ijara
Shariah Certificate – Interbank Musharakah
Shariah Certificate – Dimisnihsing Musharka
Shariah Certificate – Istisna
Shariah Certificate – Murabaha
Shariah Certificate – Running Musharakah
Shariah Certificate – Tijarah
Shariah Certificate – Wakalah
SBP’s Strategy to transform the banking sector to Islamic mode – key challenges and opportunities
This official document outlines the State Bank of Pakistan’s 2021–2025 strategy for transforming Pakistan’s financial sector. It highlights key milestones, expected challenges and policy-level initiatives to facilitate full-scale Islamic banking adoption.
SBP’s Strategy to transform the banking sector to Islamic mode – key challenges and opportunities
Federal Shariat Court Judgment on Riba – April 28, 2022
A landmark judgment declaring all forms of riba unlawful in Pakistan.
The court mandated a complete shift to Islamic banking by December 2027.
SBP FAQs on Islamic banking
Get clear and concise answers from the State Bank of Pakistan (SBP) on key concepts and operational aspects of Islamic banking.
This document helps professionals and learners understand the practical differences between conventional and Islamic banking through a series of frequently asked questions compiled by the SBP.
List of AAOIFI standards
The State Bank of Pakistan has officially adopted multiple AAOIFI Shariah Standards with locally aligned revisions. For easier reference, we provide a consolidated format that presents the original AAOIFI clauses alongside SBP’s modified instructions. This resource is particularly useful for professionals conducting detailed product reviews or implementations.
SS 2 Debit Card, Charge Card and Credit Card
SS 3 Procrastinating Debtor
SS 4 Settlement of Debts by Set-Off
SS 5 Guarantees
SS 7 Hawalah
SS 8 Murabahah
SS 9 Ijarah and Ijarah Muntahia Bittamleek
SS 10 Salam and Parallel Salam
SS 11 Istisna’a and Parallel Istisna’a
SS 12 Sharikah (Musharakah) and Modern Corporations
SS 13 Mudarabah
SS 14 Documentary Credit
SS 15 Ju’alah
SS 16 Commercial Papers
SS 17 Investment Sukuk
SS 18 Possession (Qabd)
SS 19 Loan (Qard)
SS 20 Sale of Commodities in Organized Market
SS 22 Concession Contracts
SS 23 Agency and the Act of an Uncommissioned Agent (Fodooli)
SS 24 Syndicated Financing
SS 25 Combination of Contracts
SS 28 Banking Services in Islamic Banks
SS 31 Controls on Gharar in Financial Transactions
SS 34 Hiring of Persons
SS 36 Impact of Contingent Incidents on Commitments
SS 37 Credit Agreement
SS 38 Online Financial Dealings
SS 39 Mortgage and Its Contemporary Applications
SS 42 Financial Rights and How They Are Exercised and Transferred
SS 45 Protection of Capital and Investments
SS 46 Wakala Tul Istithmar
SS 47 Rules for Calculating Profit in Financial Transactions
SS 48 Options to Terminate Due to Breach of Trust (Trust-Based Options)
SS 49 Unilateral and Bilateral Promise
SS 50 Irrigation Partnership (Musaqat)
SS 51 Options to Revoke Contracts Due to Incomplete Performance
SS 52 Options to Reconsider (Cooling-Off options, Either-Or Options, and Options to Revoke Due to Non-Payment)
SS 53 Arboun (Earnest Money)
SS 54 Revocation of Contracts by Exercise of Cooling off Option
SS 59 Sale of Debt