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KARACHI, June 19, 2026: BankIslami has launched BIPL Exchange Company (Private) Limited, its wholly owned currency exchange subsidiary. As a result, the bank has expanded its financial services and strengthened Pakistan’s Riba-free financial ecosystem.
BIPL Exchange began operations with the inauguration of its first branch. JS Group Founder Jahangir Siddiqui inaugurated the facility. Meanwhile, senior executives from BankIslami and JS Group attended the ceremony, including Group President Suleman Lalani, JSCL CEO Asad Nasir, BankIslami Deputy CEO Imran H. Shaikh, and BIPL Exchange CEO Muhammad Yaqoob Sheikhji.
Speaking at the event, BankIslami President and CEO Rizwan Ata said the new subsidiary marks a strategic milestone for the bank. Moreover, he said it expands the bank’s range of financial services while supporting the growth of Pakistan’s Islamic finance industry. He added that the initiative will help meet customers’ evolving financial needs.
Meanwhile, BIPL Exchange CEO Muhammad Yaqoob Sheikhji said the company aims to provide transparent and Shariah-compliant currency exchange services nationwide. Furthermore, he thanked the company’s partners and sponsors for their support. He added that BIPL Exchange will focus on integrity, customer service, and reliable financial solutions.
The new subsidiary will facilitate legitimate foreign currency transactions and provide exchange services under a transparent and Shariah-compliant framework. Overall, the launch reinforces BankIslami’s commitment to expanding Islamic financial services and promoting a stronger Riba-free financial system across Pakistan.
