Samba Bank Limited has announced its intention to convert from a conventional bank to an Islamic banking institution, according to a notice sent to the Pakistan Stock Exchange on Thursday.

In a material information disclosure, the bank stated that its Board has granted in-principle approval for the conversion plan.

“The Board of Samba Bank Limited has, in-principle, approved the plan to convert from Conventional to Islamic Bank,” the notification read.

The bank further informed stakeholders that a tentative conversion plan will be submitted to the State Bank of Pakistan for regulatory approval.

This strategic shift by Samba Bank comes amid growing demand for Shariah-compliant banking services in Pakistan, where the Islamic banking sector has been experiencing significant growth in recent years.