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Scope of Islamic Banking

Islamic banking emerged with the founders of Meezan Bank Limited in Karachi, Pakistan. Today, Islamic banks have grown twice as fast as conventional banks in Pakistan. They are dominating the financial market currently. In terms of statistics, they are growing 2-2.5 times faster than the conventional banks in the country. This was shared at a press conference where Meezan Bank authorities announced that they are going to organize the first ever World Islamic Finance Forum (WIFF) in Karachi. In addition, they would also be holding a two-day forum next week at The Centre for Excellence in Islamic Finance (CEIF), IBA in collaboration with the Islamic Banks.

Currently, almost all the people, who are in search of car or home financing, want to opt for Islamic banks. These banks have become a first priority for majority. So 50% of market shares in car and home financing in the country are enjoyed by Islamic banks. Islamic banks have increased their market shares (in all the segments) by 1% on average every year. Since five years, it has increased to 14% from 9%. On the other hand, their deposit base has increased by 300 PKR billion in the quarter of this year.

One of the significant factors behind rapid growth of national economy is the increasing number of Shariah complaint banks in Pakistan. Even the conventional banks have now opened their Shariah complaint branches over time to grow with a similar pace. 22 Islamic banks are operational in the country.

 

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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Scope of Islamic Banking

Islamic banking emerged with the founders of Meezan Bank Limited in Karachi, Pakistan. Today, Islamic banks have grown twice as fast as conventional banks in Pakistan. They are dominating the financia...