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Sharia-Compliant Banks

Government incentives boost Pakistan’s Islamic banks

ISLAMABAD: Pakistan's Islamic banks are introducing new products and adjusting policies to take advantage of government incentives designed to boost growth in the industry. Sharia-compliant banks in the country, the world's second most populous Muslim nation, held 11.4 per cent of total banking assets in June, barely changed from a year ago. That is well below levels of around 25 per cent seen in Gulf Arab states. To help change this, the government introduced a 2 per cent tax rebate for sharia-compliant manufacturing…