IslamicFinance.de

Pakistan's Ministry of Finance has set up a committee to explore areas to promote Islamic banking in the nation, including studying converting conventional banks into sharia-compliant ones. Regulators in Pakistan are rolling out a range of initiatives, such as a media awareness campaign, to expand Islamic banks' share of the total banking sector to 15 percent by 2017. The committee will submit recommendations on 10 areas by December 2014, including legal obstacles to converting banks into Islamic ones and changes required to remove those obstacles. Other tasks for the committee include formulating a comprehensive policy framework and timeframes for the industry's progression. The commitee comprises scholars and regulators as well as bankers.