Habib Bank of Pakistan to establish an Islamic subsidiary

Habib Bank of Pakistan will establish an Islamic subsidiary.

Zakir Mahmood, President, Habib Bank Limited disclosed on Tuesday that HBL is going to establish a full-fledged subsidiary to promote Islamic banking.Addressing the Islamic finance mandate of Rs8.5 billion for Dawood Hercules Chemicals at a local hotel he said the subsidiary would be established in few months.He said now international financial centers of Singapore and London are the main promoters of Sharia compliant banking and every day the numbers of transactions are on rising side.