State Bank of Pakistan (SBP)

SBP urges Islamic banks to diversify investment portfolios

The State Bank of Pakistan (SBP) has accentuated upon the Islamic banks to mix their investment portfolios by enhancing financing to Small and Medium Enterprises (SMEs), agriculture, housing finance and microfinance sectors of the economy.
The deputy governor stated with concern that the overall financing by Islamic banking industry in agriculture is still below three percent. Muhammad Kamran Shahzad added that in order to encourage the industry and to venture into participatory modes of financing, the central bank has formed a task force having representation of Islamic banks, business community, academia and accounting professionals to develop an incentive framework for promotion of such products.

SBP plans to increase Islamic banking share to 12 percent

Over the next two years, State Bank of Pakistan (SBP)'s purpose will be to amplificate the share of Islamic banking system from the existing seven percent to 12 percent.
Saleem Ullah, the director of the islamic department at SBP stated this at a ceremony of unveiling logo of World Islamic Finance Summit 2011. The organisers of the summit are: Publicitas Pvt Limited, IBD, SBP.

SBP asked to pay for compensating affectees

State Bank of Pakistan (SBP) must deposit the shortfall in principal amount of depositors of Islamic Investment Bank (IIB), has decided the Peshawar High Court (PHC). This amount will be used to return the deposited money to the IIB scam affectees.
Statements from people that were affected are very tragic. A woman tells how she sold her house and deposited all the money at IIB thinking about the future of her daughter. The lives of her daughters will be ruined without the money as their fiancÈs won't marrry them without the dowry.

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