Islamic banking has proliferated in the past three decades in more than 75 countries globally. The banking system is portrayed as following Sharia law in its true sense, whereas it’s not following it, which many religious scholars question. Therefore, this study aims to develop an understanding if there are significant variances in Islamic marketing and conventional being practiced by banks in Pakistan to have answered the following questions. Whether Islamic banks use true Islamic practices or practice Islam as a symbol to market their services? How are banking activities of Islamic banking different from those of conventional banking? Do marketers of Islamic banking use symbolic consumption theory to exploit Muslim customers? This paper follows a qualitative approach to find out whether Islamic banking is practicing Islamic marketing. If not, then how it’s market share is increasing so rapidly? Alternatively, is it due to symbolic interactionism due to which Islamic banks are growing rapidly? Our analysis suggests that it is due to symbolic interactionism that Islamic banks are rapidly increasing. Whereas Islamic banks portray that marketing and operations of Islamic banks are Islamic Sharia-compliant, however, these are not practiced. Findings of this study are important as these would help banking firms offering Islamic banking services to better base banking operations on true Islamic sharia laws and develop marketing communication strategies that follow Islamic ethical values and concepts of Halal.