IslamicFinance.de

Islamic banking is growing fast in predominantly Muslim Pakistan, thanks to the growing popularity of its Sharia compliant structure and a helping hand from the government of Prime Minister Nawaz Sharif. According to the State Bank of Pakistan most of Pakistan's conventional banks have now opened Sharia-compliant branches and many are working on full conversion to Islamic banking, which is growing at an annual rate double that of the country's Western-style banking sector. Pakistan's 250 million people are served by 22 local and foreign banks, five of which are Islamic. With a few exceptions almost all local and foreign conventional banks also offer Islamic financing services.