Under this policy, Islamic banking is being promoted in parallel to the development of  3  2  Mohsin S. Khan and Abbas Mirakhor: Islamic Banking, Experiences in Islamic Republic of Iran and Pakistan. BIS Review 106/2007  conventional finance industry in an integrated, gradual and steady manner.
SBP has been issuing licenses for Islamic banking to stand alone Islamic banks and Al-Meezan Investment Bank, which had been functioning as an Islamic Investment Bank, became the first Islamic bank of the country upon award of Islamic banking license by SBP.