IslamicFinance.de

State Bank of Pakistan has reiterated its commitment for promotion and development of Islamic banking in Pakistan.
According to SBP’s press release, the share of Islamic banking in total deposits of the banking industry surged to 12.8% as of 30th June, 2015 due to is persistent efforts and is consistently growing with a cumulative average growth rate of over 50% during the past 12 years .
“To-date 5 full fledge Islamic banks, one Islamic Banking Subsidiary and 17 banks with dedicated Islamic Banking Branches are operating in the country with over 1700 branches spread all over the country”, the release read.
SBP has developed Shariah compliant open market operations for managing liquidity of Islamic banking sector, which is quite unique in the Islamic world. State Bank Shariah Board has also approved structure of Government of Pakistan Ijara Sukuk issued in the past and all such structures for future issues will be approved by SBP Shariah Board before their launch”.