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KARACHI: Irfan Iqbal Sheikh, President FPCCI, has apprised that the share of Islamic banking has surpassed 21 percent in Pakistan and it is expected to grow rapidly as the SBP has been assigned to make all banking Riba-free by 2027.

He added that the growth in Islamic banking’s share is a testimony that individuals and businesses are inclined towards banking under Islamic principles.

It is pertinent to note that the FPCCI and its central standing committee on Islamic Economics and Finance organised a high-profile seminar on “The Role of Islamic Finance in Solving Economic Challenges” – which saw the participation of top SBP officials; scholars of Islamic Finance; prominent businessmen and FPCCI’s members.

Irfan Iqbal Sheikh maintained that Islamic banking has been enhancing their operations successfully and prudentially in Pakistan; and, the market share of deposits and assets of Islamic banking in the total banking industry was 19.4 percent and 18.6 percent, respectively, for the year 2021.

Copyright Business Recorder, 2023

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