Islamic banking consistently expanding in Pakistan

Wednesday, July 29, 2015

Pakistan’s Islamic banking and finance industry is expanding to new fields, the Khaleej Times newspaper reported on Tuesday.

Last week, the State Bank of Pakistan granted its first licence to a micro-finance bank and brought it into the Islamic mode. According to a report, the National Bank of Pakistan (NBP), the biggest commercial bank in the country, announced a plan to raise its own network of Islamic banking to 100 branches.

The third development was that Standard Chartered Bank won the Islamic Finance Award 2015. It was expected, it would attract other foreign-based banks to start Islamic banking in Pakistan. The report said that the SBP’s decision to grant Islamic banking licence to National Rural Support Programme Micro-finance Bank (NRSP-MB) of Bahawalpur paved the way for introduction of Islamic banking to a number of micro-finance banks.

Source: Daily Times (link opens in a new window)

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banking, financial inclusion, Islamic finance, microfinance