“The strategic plan has set headline targets for the Islamic banking industry to be achieved by 2025,” the central bank said in a statement. Article continues after this advertisement“The SBP aims at making Islamic banking one third of the overall banking industry by 2025,” the SBP announcement said. The SBP said the Islamic banking industry has widened its footprint in banking system of the country. Currently, 22 Islamic banking institutions (five full-fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) are offering Sharia-compliant products and services through a network of 3,456 branches and 1,638 Islamic banking windows (dedicated counters at conventional branches) spread across 124 districts of the country. “The Islamic banking industry is expected to fully capitalise on the potential of Islamic finance to attain the shared vision of a vibrant and sustainable Islamic banking sector in Pakistan,” said the SBP.

Source: Pakistan Today April 06, 2021 11:15 UTC