Islamic Banking

Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows. The two sectors have developed separately from each other, but green projects could benefit from tapping Islamic banks in countries like the United Arab Emirates (UAE) and Malaysia, where […]

62pc respondents willing to pay more for Islamic banking products; 36pc will not withdraw money if Islamic bank announces loss; religious satisfaction ‘most important reason’ to opt for Islamic banking ISLAMABAD: Almost three-fourth of Pakistanis using bank accounts prefer switching to Islamic banking and are even willing to share the losses if any incurred upon […]

LONDON: A hallmark of Islamic banking and finance in 2015 has been the resilience of Islamic retail banks in the Gulf Cooperation Council (GCC) countries in the wake of historically low oil prices. The year has proven to be a testing period for the global Islamic financial services industry, with the gradual exit of the likes […]

KARACHI: Islamic banking has been growing fast to capture 20 per cent share in the overall banking industry by 2020 while its cumulative average growth rate of deposits is over 50pc. Presently, five full-fledged Islamic banks, one Islamic banking subsidiary and 17 conventional banks with dedicated Islamic banking windows are operating with over 1,700 branches […]

KARACHI: Bank Islami Pakistan, the country’s second-largest full-fledged Islamic bank, said it would submit plans on Wednesday to buy troubled lender KASB Bank Ltd for a nominal fee. In January, Karachi-based Bank Islami received regulatory approval to study an acquisition that would add 105 branches to its existing network of 213. The central bank imposed […]

An effective conduct of monetary policy lies in pursuing well-defined long-term economic goals that are consistent with national objectives and priorities. Thus, a central bank is bound to put in place a monetary policy for an economic system based on the Islamic concept of equality of mankind and social justice. The SBP introduced riba-free banking […]

LAHORE:  The year 2014 proved remarkable for Islamic banking and finance industry across the world. It not only crossed $2 trillion in assets but also got access to new markets including various destinations in Europe, South Korea, Australia, Brazil, Malta, Argentina, China among others. Islamic banking and finance gained popularity in its traditional markets – […]

KARACHI:  Islamic banking, with the help of coordinated efforts, will achieve its target of 20% share in the overall banking industry by 2020, said “Committee for Media Campaign” Chairman Irfan Siddiqui. He praised the central bank’s efforts in launching the second phase of the awareness campaign meant to promote Islamic banking in Pakistan. The campaign […]

KARACHI: The extensive study of State Bank of Pakistan established the demand for Islamic banking at all level. At the same time, it revealed the lack of awareness not only among ordinary people but among qualified and educated groups. “There is desire among consumers to know more about Islamic banking and address some crucial questions,” […]

ISLAMABAD: Bank Islami Pakistan is awaiting regulatory approval to issue shares worth Rs4.3 billion, the lender said in a bourse filing. Karachi-based Bank Islami aims to raise its capital to Rs10bn by end of this year to meet central bank regulatory requirements, while keeping pace with double-digit growth in its financing book. As of September, […]