Islamic banking growing: SBP chief

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KARACHI : Governor, State Bank of Pakistan, Yaseen Anwar, has emphasised on enhancing awareness of Islamic banking and removing common misconceptions about it.


Islamic banking has shown a significant growth rate of above 30 per cent yearly with the support of State Bank; making 8.6pc on assets and 10pc on deposits, Yasin Anwar said while inaugurating a campaign on Thursday.


He, however, said that the industry is still evolving, both domestically and internationally.


He said the Islamic financial industry is growing by 20pc a year and is now operative in more than 75 countries with a network of 430 Islamic banks and financial institutions managing assets of more than $1.3 trillion.


Islamic financial industry has attracted wider acceptability and presented itself as a viable alternative to conventional banking because of its stability and resilience, he said.


Many people are still either unaware of Islamic banking or have some confusion and misconceptions about its current paradigm, Anwar said, adding the SBP has thus mobilised the industry to launch a nationwide mass media campaign to create awareness and address the perception issues.—APP

Courtesy:  Dawn

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