The finance minister said that Islamic Banking has grown rapidly both in local as well as in international markets and has assumed systematic significance in several jurisdictions. Apart from its faith-based appeal, the increasing interest in the Islamic finance industry stems from its strong economic and social considerations. Article continues after this advertisementTowards the end, the Tarin expressed satisfaction over the progress made by Islamic Banking since its inception. The government has played a pivotal role in the promotion and development of the Islamic Banking Industry over the period. Recognition of SBP’s efforts at the global level by being awarded as the “Best Central Bank to promote Islamic Banking” is another feather in its cap which reflects its better performance in comparison with other regulators around the world in promoting Islamic banking in the country.

Source: Pakistan Today August 30, 2021 17:03 UTC