IslamicFinance.de

Nearly 17 years after its entry into Pakistan’s financial space, Islamic financing has grown considerably. Its acceptance has cleared up the initial mist, scepticism and suspicion associated with the concept. The effort to introduce Islamic banking started in early 2002 with the granting of licence to the Meezan Bank. The growth has resulted in five full-fledged Islamic banks namely Meezan Bank, Al-Baraka Bank Pakistan Limited, Dubai Islamic Bank, Bank Islami Pakistan and MCB Islamic Bank. Many conventional banks are also operating Islamic banking branches. However, there is still a low level of awareness about opportunity and economic benefits. Pakistan's present government has decided to initiate a comprehensive plan for the promotion of Islamic banking in the country.