IslamicFinance.de

The State Bank of Pakistan (SBP) has issued ‘Certificate of commencement of banking business’ to MCB Islamic Bank Limited, a wholly-owned subsidiary of MCB Bank. As of June 30, Islamic banking business of MCB was operating with a network of 34 branches having an asset base of Rs21.015 billion. The MCB’s Islamic banking business posted a net profit of Rs408.228 million for the half-year ended June 30, 2015. To augment the existing growth momentum, SBP has prepared the “Strategic Plan for the Islamic Banking Industry of Pakistan 2014–2018”. The plan focuses on initiatives necessary to raise awareness and knowledge about Islamic banking.