The Islamic banking is rapidly flourishing and during the last year, it registered a growth of 137-percent in the country. This was revealed at a seminar on 'Islamic Mode of Financing' organised by Export Promotion Bureau (EPB) Pakistan here on Thursday. Addressing the seminar, Muhammad Imran, head of Islamic banking, Standard Chartered Bank disclosed that the Islamic banking helped improve total assets of the banks to the tune of Rs 34 billion. As many as 52 companies had adopted Islamic banking system and doing business under Shariah-compliant financing system, he added.
According to him, five more Islamic banks would start functioning soon while two full fledged banks, namely Meezan Islamic Bank and Al Barkah Islamic Bank, were already functioning in Pakistan.
Imran further revealed that 10 more conventional banks had also planned to take initiative for commencing Islamic banking in designated branches within near future. About the insurance of vehicles being provided to the people under Ijara, a form of leasing, he said that 'takaful' companies were being established, which would make insurance of cars being leased out under this system.
Dr Muhammad Imran Ashraf Usmani, Sharia Advisor of Meezan Bank Limited, said that the Sharia board set up by State Bank of Pakistan (SBP) was working on the formulation of Islamic banking-specific prudential regulations. The initiatives taken by SBP had contributed considerably to the promotion of Islamic banking in Pakistan. He also gave a presentation on 'Diminishing Musharakah' on this occasion.
Maulvi Hassan Kaleem, Shariah Advisor Al-barakah Islamic Bank and Rizwan Ata, Punjab Chief of Meezan Bank, also spoke on the occasion.
Earlier, Director EPB, Sarfraz Hussain in his welcome address highlighted the importance and objectives of the series of seminars on the topic presently being organised across the country.
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