The purpose of this research is to throw light on the way of incorporation of IBWs, the purpose and philosophy of their formation, rules and regulations IBWs are operating under, risks and challenges IBWs are facing. What is the difference between IBs and IBWs and what is the difference between IBWs and CBs. The 5 IBBs out of 15 IBBs are selected and primary data is collected through interviews. The findings are that IBs and IBBs are same in all aspects. They are offering similar products, similar target market, follow similar sharia principles, face similar risks and almost similar challenges. The IBBs and CBs are totally different from each other as they have different roots, philosophies, mission and operations. Supervisor:- Lutfullah Saqib