Islamic banking shows ‘tremendous’ 30pc growth in assets for CY2020
The overall assets and deposits of Islamic banking have shown tremendous growth of 30 pc and 27.8 pc respectively in 2020, said SBP bulletin
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Islamic banking
SECP drafts governance rules for Shariah-compliant firms, securities
ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) has drafted a comprehensive set of regulations for governance of Shariah-compliant companies and entities.
The move by the Securities and Exchange Commission of Pakistan (SECP) marks the first time a regulator has defined comprehensive requirements for companies that deem themselves to be compliant with Islamic principles.
Regulators across Asia and the Middle East, such as Malaysia and Bahrain, have typically focused their attention on Islamic banks,…
SBP sets rules for banks wanting to be fully sharia compliant
KARACHI: Pakistan's central bank has issued guidelines covering how banks that want to be fully-fledged sharia compliant can achieve that status, setting a three-year time frame for applicants to complete the process.
The rules aim to accelerate the growth of Islamic banking in the Muslim-majority country. The sector enjoys double-digit growth but lags conventional banks in terms of size and profitability.
Islamic banks follow religious principles such as bans on interest and pure monetary speculation, ruling out the…
Govt forms four sub-committees to promote Islamic banking
ISLAMABAD: Finance Minister Senator Ishaq Dar said on Tuesday that the government is taking structured policy actions to promote Islamic Banking in Pakistan.
The finance ministry has issued notifications and agreed on the Terms of Reference (TORs) to form four sub-committees for promotion and facilitation of Islamic banking in the country.
The sub-committee on legal and regulatory framework will be chaired by the Governor State Bank of Pakistan, and has representation of various commercial banks, shariah scholars and…
Government launches $500 million in Islamic bonds
KARACHI: Government is set to launch $500 million in Islamic bonds to raise money for country's foreign exchange reserves, a senior official said Wednesday.
SBP widens Islamic banks’ benchmark requirements
ISLAMABAD: Pakistan's central bank has amended its regulations to exempt Islamic banks from using interest-based benchmarks for some of their financing products, the latest government step aimed at boosting Islamic finance.
Finance minister constitutes committee for Islamic banking
ISLAMABAD: Federal Minister for Finance Senator Ishaq Dar has constituted the Committee for the implementation of the recommendations of the Steering Committee for the promotion of Islamic Banking.
Growth in Islamic Banking encouraging, says Mamnoon
ISLAMABAD: President Mamnoon Hussain on Monday said that the federal government is focusing on the promotion of Islamic Banking in the country.
SBP reiterates commitment for Islamic banking
KARACHI: State Bank of Pakistan has reiterated its commitment for promotion and development of Islamic banking in Pakistan.
SECP forms Islamic Finance Department
ISLAMABAD: The Securities and Exchange Commission of Pakistan has established an Islamic Finance Department to regulate and develop the Islamic financial market.