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Pakistan's Islamic banks show its conventional peers how it's done
Islamic banks are trailblazing the financial sector in a big way, the latest financial results of banks show.
While still quite new in Pakistan, Islamic banking is moving ahead in all segments of their operations, the State Bank of Pakistan (SBP), reported recently.
The network of Islamic banking institutions (IBIs) has expanded. Now it consists of 21 IBIs, five full-fledged Islamic banks and 16 conventional banks having stand-alone Islamic banking branches. IBIs have expanded their branch network to 2,320 branches. The SBP says 55 per cent of these branches are based in five cities - Karachi, Lahore, Rawalpindi, Islamabad, and Faisalabad. The number of Islamic banking windows, operated by conventional banks, is now at 1,255.
Islamic banks have beaten conventional banks by mobilizing deposits at a faster pace, as a growing number of people wish their cash and business to be handled in an Islamic mode. The SBP, in its review of Islamic banking operations for financial year 2016-17 and in the April-June quarter of the same period, says deposits in IBIs rose by Rs1,156 billion, or 10 per cent, to Rs11,720 billion.
Overall banking industry deposits rose 6.5 per cent over the same quarter, but the deposits of IBIs rose more than double to 13.7 per cent at the end of the April-June quarter compared to 13.2 per cent in 2015-16.
"This growth helped Islamic banks improve their asset base," the SBP says.
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