A State Bank of Pakistan (SBP) official has revealed that total Islamic banking deposits in Pakistan now stand at PKR $463 billion ($5 billion), while total Islamic banking assets have hit PKR 568 ($6.2 billion), with the sector witnessing a growth of 30 per cent.
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Akhtar Raza, Chief Manager for SBP, said that the SBP are working on a three- pronged strategy for promotion of Islamic banking.
The strategy allows new full-fledged Islamic banks in the private sector and also permitting the conventional banks to set up Islamic banking subsidiaries.
Under the plan, the SBP has allowed the existing conventional banks to open stand-alone Islamic banking branches.
Raza added that the SBP has issued guidelines for conventional banks having dedicated Islamic banking branches for segregation of funds and system and control. The Central Bank has also issued guidelines for Islamic microfinance business.
The SBP is actively working for the development of enforcement framework for Shari’ah compliance in Islamic banking institutions and rolling out IFSB standards/guidelines. The SBP has also issued guidelines for Islamic financing for agriculture.
Raza also added that it has issued Instructions and guidelines for Shari’ah compliance in Islamic banking institutions and introduced Shari’ah compliance inspection of IBIs.
At present five full-fledged Islamic banks are operating in the country with purely Islamic banking products apart from conventional banking. Raza said that there are 841 bank branches in 70 districts across the country.
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