Faysal Bank to expand its Sharia Finance activity in Pakistan

Faysal Bank Ltd. plans to expand its domestic branch network in Pakistan and start a new Islamic division to take advantage of rising demand for Shariah-compliant products and farm loans. The bank will increase its number of outlets to 150 by December 2009, including smaller towns and villages, and intends to double its farm loans.

The bank plans to use Islamic products including cards and insurance developed by Shamil Bank BSC, a Bahrain-based lender that owns 68 percent of Faysal. The lender also plans to introduce Internet and phone banking. Read: Bloomberg

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