ANL 34.00 Increased By ▲ 0.90 (2.72%)
ASC 14.90 Increased By ▲ 0.55 (3.83%)
ASL 25.10 Increased By ▲ 0.62 (2.53%)
AVN 92.20 Decreased By ▼ -0.30 (-0.32%)
BOP 9.14 Increased By ▲ 0.08 (0.88%)
BYCO 9.85 Increased By ▲ 0.15 (1.55%)
DGKC 134.70 Increased By ▲ 2.51 (1.9%)
EPCL 50.62 Increased By ▲ 0.52 (1.04%)
FCCL 24.63 Increased By ▲ 0.33 (1.36%)
FFBL 25.86 Increased By ▲ 1.46 (5.98%)
FFL 15.49 Increased By ▲ 0.47 (3.13%)
HASCOL 10.56 No Change ▼ 0.00 (0%)
HUBC 86.33 Increased By ▲ 1.23 (1.45%)
HUMNL 7.02 Increased By ▲ 0.27 (4%)
JSCL 25.65 Increased By ▲ 0.40 (1.58%)
KAPCO 41.55 Increased By ▲ 2.80 (7.23%)
KEL 4.02 Increased By ▲ 0.04 (1.01%)
LOTCHEM 14.45 Increased By ▲ 0.02 (0.14%)
MLCF 46.42 Increased By ▲ 0.54 (1.18%)
PAEL 37.25 Increased By ▲ 0.55 (1.5%)
PIBTL 11.70 Increased By ▲ 0.27 (2.36%)
POWER 10.25 Increased By ▲ 0.10 (0.99%)
PPL 90.90 Increased By ▲ 1.20 (1.34%)
PRL 26.86 Increased By ▲ 0.61 (2.32%)
PTC 8.71 Increased By ▲ 0.11 (1.28%)
SILK 1.35 No Change ▼ 0.00 (0%)
SNGP 42.71 Increased By ▲ 1.31 (3.16%)
TRG 146.10 Increased By ▲ 3.00 (2.1%)
UNITY 30.20 Increased By ▲ 0.41 (1.38%)
WTL 1.41 Decreased By ▼ -0.01 (-0.7%)
BR100 4,965 Increased By ▲ 76.98 (1.57%)
BR30 25,754 Increased By ▲ 477.72 (1.89%)
KSE100 45,837 Increased By ▲ 558.82 (1.23%)
KSE30 19,174 Increased By ▲ 275.54 (1.46%)
Markets

Islamic Banking: Pakistan grabs Global Islamic Leadership Award

  • The award was received by President Arif Alvi at the 10th Global Islamic Finance Awards Ceremony.
Updated 14 Sep 2020

In recognition of its efforts for the promotion of Islamic Financing globally, Pakistan has been awarded the Global Islamic Leadership Award.

The award was received by President Arif Alvi at the 10th Global Islamic Finance Awards Ceremony in Islamabad on Monday. President Alvi in his address highlighted that Islamic Financing is increasing around the world but its full potential is yet to be realized.

The President appreciated the fact that 17 percent of Pakistan's banking sector has converted to the Shariah-Compliant instruments. He pointed out that the Sukuk bond was recently floated in the energy sector.

Alvi lauded the role of the State Bank of Pakistan (SBP) and the Securities & Exchange Commission of Pakistan (SECP) in the promotion of Islamic banking.

The Islamic Banking industry has continued its upward trajectory in Pakistan as the market share of the IBI’s rose to 15.3 percent witnessing a jump of one percentage point from 15.2 percent during the year till June 2020.

As per the SBP Islamic Banking Bulletin, during the quarter under review (April-June 2020), the asset base of the Islamic banking industry (IBI) grew by 8.1 percent to reach to Rs 3,633 billion while deposits of IBI stood at Rs 2,946 billion depicting quarterly growth of 9.5 percent; YoY growth was recorded 21.4 percent and 22 percent for assets and deposits, respectively.

Meanwhile, in his remarks on the occasion, Governor SBP Reza Baqir expressed the commitment to promote Islamic financing and take it to the levels never seen before. He said there is a Shariah Advisory Committee comprising three schools of thought, Shariah boards, and other mechanisms to ensure compliance with Shariah principles in Islamic financing.

The central bank Governor said that SBP is also playing its role in creating awareness amongst the people about Islamic financing.

SBP was also awarded the Best Central Bank of the Year award for promoting Islamic banking.