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Islamic financing

Efforts afoot to gradually adopt Islamic financing: Senate informed

ISLAMABAD: The Senate was Tuesday informed that efforts are underway to gradually adopt Islamic mode of financing in the country. Minister for Law and Justice Zahid Hamid told the House during question hour that State Bank of Pakistan has allowed three types of Islamic Banking, whereas, every bank operating in the country has its own Shariah Board to seek guidance for Islamic banking. “11.4 percent of total assets, whereas 13.2 percent of total deposits by June, 2016, are under Islamic banking,” he said. Zahid Hamid…

SBP warns Islamic banks to be more equitable

ISLAMABAD: Governor of State Bank of Pakistan (SBP) Ashraf Mahmood Wathra has urged the country's Islamic banks to develop ways to reward their customers in line with a surge in the sector's profitability, or face regulatory action.