ISLAMABAD: Finance Minister Ishaq Dar has said that Shariah compliant banking has tremendous growth potential and the government is determined to move ahead with this industry in Pakistan.
He said this during a meeting with State Bank of Pakistan Governor Ashraf Mahmood Wathra, which was held to review the current profile of Islamic banking in Pakistan.
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It was noted that the Islamic banking industry progressed well in 2015 and its share has increased in the overall banking industry in terms of asset volume.
Similarly, the branch network of Islamic banking is also continuously expanding throughout the country and catering to the demand for Shariah compliant banking products.
SBP Deputy Governor Saeed Ahmed, who heads the Steering committee for the promotion of Islamic banking, informed the meeting that SBP is strengthening its regulatory and supervisory framework and remains active in creating awareness for Islamic finance among the people at large.
The government has shown its commitment in facilitating the development of the Islamic finance industry by creating an enabling environment. He particularly lauded the work carried out by the steering committee for the promotion of Islamic banking and finance in the country.
He said significant progress has been achieved by the committee in review of the legal, regulatory and taxation frameworks as well as the development of liquidity management solutions and the Islamic capital market which would greatly support further development of this industry.
The minister added that promotion of Islamic banking would also help government’s cause of greater financial inclusion in the country.
