IslamicFinance.de

Pakistan's central bank has launched a mass media campaign to raise awareness and acceptance of Islamic finance among consumers in the country. It was developed alongside local Islamic banks, and is expected help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 per cent share of the banking system. The campaign is part of an overhaul of Islamic finance activities in Pakistan, which also includes the establishment of a country-level Sharia board and new rules for Sharia-compliant financial products within the central bank's five-year plan for Pakistan's Islamic banking sector. The country's Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows.