DIBPL and ZLK Forge Strategic Alliance to Expand Shariah-Compliant Investment Access in Pakistan
In a major step forward for Pakistan’s Islamic finance landscape, Dubai Islamic Bank Pakistan Limited (DIBPL) has announced a strategic partnership with ZLK Islamic Financial Services. The collaboration is set to revolutionize the country’s financial services industry by providing a broader segment of the population—particularly those seeking ethical and interest-free investments—with access to a suite of Shariah-compliant financial products.
This alliance not only reflects the growing demand for Islamic banking but also showcases both institutions’ dedication to financial inclusion, innovation, and ethical investing. The partnership’s impact is expected to be particularly significant for Roshan Digital Account (RDA) holders and domestic investors looking to diversify their portfolios while adhering to Islamic financial principles.
The Vision Behind the Partnership
At its core, this collaboration is driven by a shared vision of promoting Halal (lawful) investment opportunities and fostering ethical wealth generation within Pakistan and beyond. By pooling their resources and expertise, DIBPL and ZLK Islamic Financial Services aim to develop a robust platform where individual and institutional investors can access various Shariah-compliant financial instruments, including:
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Shares of publicly listed companies
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Government-issued Ijaras
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Sukuk (Islamic bonds)
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Exchange-Traded Funds (ETFs)
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Murabaha Share Financing
These offerings are tailored for investors who want to avoid Riba (interest), a concept prohibited in Islamic finance, and are looking for safe, reliable, and religiously permissible alternatives.
What This Means for Roshan Digital Account Holders
Roshan Digital Accounts (RDAs) were launched by the State Bank of Pakistan in 2020 to facilitate overseas Pakistanis in investing, saving, and transacting seamlessly with Pakistan’s financial system. While RDAs have already enabled access to real estate, government bonds, and stock markets, the lack of Islamic investment options was a notable gap.
The partnership between DIBPL and ZLK fills this gap by giving RDA holders the ability to participate in Islamic equity markets and Shariah-compliant fixed income securities. This is expected to significantly increase the appeal of RDAs for millions of Pakistani expats who prefer or require compliance with Islamic finance principles.
Leadership Perspectives: A Commitment to Innovation and Ethics
Speaking about the partnership, Junaid Ahmed, CEO of Dubai Islamic Bank Pakistan, emphasized the institution’s long-standing commitment to expanding the Islamic finance ecosystem in Pakistan. “At DIBPL, we are committed to pioneering Islamic banking solutions. This collaboration with ZLK Islamic Financial Services highlights our dedication to expanding access to innovative financial products, promoting financial inclusion, and prosperity.”
Naveed Malik, Head of Consumer Banking at DIBPL, added, “Our collaboration with ZLK enhances our business and aligns with our vision of generating Halal Munafa (lawful profit) and promoting financial inclusion. This is not just about banking—it’s about providing meaningful, ethical financial choices to every Pakistani.”
From ZLK’s side, the collaboration represents a major milestone in its growth journey. Having secured a license from the Securities and Exchange Commission of Pakistan (SECP) as a Shariah-compliant brokerage, ZLK is one of the few financial institutions in Pakistan solely focused on delivering Islamic financial services to retail and corporate clients alike.
Why This Partnership Matters for the Financial Sector
Pakistan’s financial sector has long been criticized for its limited access to Islamic investment products, especially for retail clients. Although Islamic banking has grown steadily—capturing over 20% market share in recent years—Islamic capital markets have lagged in terms of product development and investor outreach.
The alliance between DIBPL and ZLK is a direct response to this need. It signals a major shift toward inclusivity and innovation in Islamic finance by ensuring:
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Broader reach: Access to ethical investments is no longer limited to large institutional clients.
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Tech-driven accessibility: Digital platforms and mobile apps will allow clients to invest conveniently from anywhere in the world.
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Transparency and compliance: All investment offerings will be vetted and approved by a Shariah Advisory Board, ensuring alignment with Islamic values.
Exploring the Offered Products in Detail
Let’s take a closer look at the investment options that will be made available under this partnership:
1. Shariah-Compliant Stocks
Investors will have access to shares of companies that comply with Islamic screening criteria, avoiding businesses involved in alcohol, gambling, conventional banking, and other non-permissible activities. This provides a route for halal wealth accumulation through capital gains and dividends.
2. Sukuk (Islamic Bonds)
Sukuk are structured in a way that avoids interest payments. Instead, they are based on asset ownership and income generation through rental or profit-sharing arrangements. Government-issued Sukuk will allow investors to benefit from low-risk, Shariah-compliant fixed income options.
3. Government Ijaras
These are lease-based investment instruments backed by government assets. Ijaras are commonly used in Islamic finance as they comply fully with Shariah law while offering a steady income stream.
4. ETFs (Exchange-Traded Funds)
Shariah-compliant ETFs offer investors the ability to diversify across multiple Islamic equities or assets without needing to purchase each security individually. This is particularly beneficial for small and mid-sized investors seeking risk mitigation.
5. Murabaha Share Financing
This innovative product allows investors to finance their stock purchases through a Murabaha contract, a cost-plus-profit arrangement approved under Islamic law. It offers a halal alternative to margin trading, making capital market participation accessible even for those with limited cash on hand.
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Bridging the Gap Between Faith and Finance
For decades, many practicing Muslims in Pakistan and around the world have struggled with the moral dilemma of choosing between financial growth and religious compliance. This partnership between DIBPL and ZLK addresses that conflict head-on by offering faith-based financial inclusion.
Rather than forcing clients to choose between profitability and piety, the collaboration ensures they can have both—competitive financial returns and Shariah compliance.
Boosting Investor Confidence Through Regulation and Governance
Another strength of this partnership lies in its regulatory framework. Both DIBPL and ZLK are licensed and supervised by the State Bank of Pakistan (SBP) and SECP respectively. These regulatory bodies have established rigorous frameworks to ensure that Islamic finance products offered in the country meet global standards for transparency, risk management, and Shariah compliance.
ZLK’s license as a Shariah-compliant brokerage firm sets it apart from many competitors, giving it the legitimacy and operational framework needed to scale ethically and sustainably. With a qualified Shariah Advisory Board overseeing its product lineup, investor confidence is expected to grow significantly.
Pakistan’s Rising Appetite for Islamic Finance
Islamic finance is no longer a niche. In Pakistan, it has evolved into a mainstream preference, particularly among millennials and middle-income households. According to recent SBP data:
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Islamic banking assets grew by 24.6% in FY2023, reaching over PKR 7 trillion.
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Over 30 million bank accounts now fall under the Islamic banking umbrella.
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Demand for Shariah-compliant savings and investment products has surged, especially in urban centers.
This partnership is perfectly timed to ride this wave, and potentially set the benchmark for future collaborations in the sector.
Digitalization: A Key Component of the Partnership
Both partners have hinted at integrating fintech solutions to enhance customer experience. From digital onboarding to real-time portfolio tracking, the goal is to create a seamless experience for investors.
The plan includes launching:
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Mobile apps for account access and trading
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Online dashboards for portfolio management
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Automated alerts for market updates and Shariah status changes
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24/7 customer support tailored for RDA holders globally
This tech-focused approach is designed to attract younger investors and overseas Pakistanis who prefer digital financial services.
A Step Toward Financial Empowerment
Financial empowerment through ethical investing can lead to a more prosperous and socially responsible society. By offering Halal investment opportunities that are both transparent and accessible, DIBPL and ZLK are taking a step toward this goal.
Not only does this initiative support Pakistan’s financial ecosystem, but it also plays a role in economic upliftment, particularly in:
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Empowering women and youth with knowledge and tools for ethical investing
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Encouraging overseas Pakistanis to participate in the national economy
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Developing a savings culture grounded in Islamic values
Looking Ahead: The Road to Transformation
The DIBPL-ZLK partnership marks the beginning of what could be a transformational era for Islamic investing in Pakistan. The long-term vision includes:
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Launching new mutual funds and Islamic REITs
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Hosting investment education seminars and webinars
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Collaborating with universities and Islamic finance institutions for awareness
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Expanding services to rural and underserved regions
With consistent regulatory support and continued innovation, this collaboration could become a blueprint for other financial institutions in the Muslim world.
Conclusion: Redefining Ethical Investing in Pakistan
In a financial landscape that often prioritizes profits over principles, the alliance between DIBPL and ZLK Islamic Financial Services stands as a bold declaration: ethical banking is not just possible—it’s the future.
By combining institutional strength, regulatory integrity, and a vision for inclusive growth, this partnership is set to reshape how Pakistanis—both at home and abroad—engage with Islamic finance. The road ahead is long, but for now, this collaboration shines as a beacon of hope for those seeking financial progress rooted in faith.
