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Business

May 5, 2011

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SBP plans to increase Islamic banking share to 12 percent

SBP plans to increase Islamic banking share to 12 percent
KARACHI: The State Bank of Pakistan (SBP) plans to increase the share of Islamic banking system from the existing seven percent to 12 percent in the next two years, an official said on Wednesday.
Saleem Ullah, Director, Islamic Banking Department, SBP, said this at a ceremony of unveiling logo of World Islamic Finance Summit 2011.
The two-day summit would be held from September 21 and it is being organised by Publicitas Pvt Limited with the support from the IBD, SBP. Saleem Ullah said that the overall perception about Pakistan is not positive and it required improvement through such conferences.
The conference would target specific countries for attracting investment, but it would invite scholars from across the world to share their views regarding Islamic financial system, he said.
To a question, he said that the Islamic banking in Pakistan is fully Shariah compliant and the central bank has certain checks on it.
Syed Shahjahan Salahuddin, Managing Director, Conferences and New Initiatives, said that the high-level conference in Pakistan would send a positive massage about the country to the international community. “The summit will highlight Pakistan’s attraction as a place to do business in Islamic way amid geopolitical uncertainties,” he said.
The objective of the conference is to identify the growth pace in Pakistan’s Islamic financial sector by involving all the industry players and provide a forum for the government and the private sector organisations to promote the opportunities, said Shahjahan.
At the global level, presently, there are more than 500 Islamic financial institutions with a total size of around $1.2 trillion.
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