LAHORE, Aug 10: PICIC Commercial Bank (PCB), a subsidiary of Pakistan Industrial Credit and Investment Corporation, plans to set up Islamic banking counters at its branches by the end of this year in line with State Bank of Pakistan (SBP) directives.

“We want to provide the Islamic banking facility to all those clients who are interested in non-interest based system,” chairman of the bank Mohammad Ali Khoja told newsmen at the inaugural ceremony of the 21st branch of Pakistan Industrial Credit and Investment Corporation, at PICIC House, on Saturday.

PICIC deputy chairman Basheer Janmohammad was the chief guest at the inaugural ceremony.

Khoja said that a number of financial institutions in the country had already introduced Islamic banking system.

Answering a question regarding introduction of Islamic banking system in PICIC, he said the system could not be introduced in PICIC itself as all the loans provided to this Corporation in the past, were re-lent by the government.—APP