By Obaid Usmani
Abstract:
Pakistan, in recent years has showed strong inclination towards Islamic Banking. Islamic Banking share is more than 10% of the entire Banking Industry. Over the last decade, Islamic Banks have been successful in providing end to end alternatives to all conventional banking products. The support coming from the central bank of the country is one of the major factors of the rapid growth of Islamic Banking industry. With more than 1400+ Islamic Banking branches and a 20%+ growth in deposits, assets, financing and investments, the Pakistani Islamic Banking industry is set to become the hub of Islamic Banking of the region. In this paper, we review the steps taken by the central bank in Pakistan to promote the growth in Islamic finance and to reach standardization in the regulatory framework.
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