IslamicFinance.de

Islamic banking is the fastest growing segment of Pakistan’s financial services sector, with an average anual growth rate of 59.6%. However, 67% of Islamic banking customers also use conventional banks, largely due to a wider range of services offered by conventional banks. Ultimately, however, the Islamic banks seem to have caught on the need to compete on their service breadth and quality. Islamic bank CEOs have all emphasised the fact that their banks now offer the full complement of services offered at conventional banks. A study revealed that deposits in Islamic banks appear to be growing mostly due to customers switching from conventional to Islamic banks. Very few customers start out from scratch at an Islamic bank.