Islamic banking to grow beyond Rs 1tr in next five years

The Islamic bankers expect the current 9.7 percent share of the overall banking industry in Pakistan to double by 2017.
The deposits base of Islamic banking in the country would cross the Rs 1 trillion mark by next five years or so. This was stated by Ali Ahmed Siddiqui, Executive VP of Product Development and Shariah Compliance Department of Meezan Bank, while addressing a group of journalists at a workshop on “Concept of Islamic Banking” held at Meezan House on Tuesday.
Dwelling on conceptual framework of the Islamic banking, Ali said having entered into its “aggressive” second phase, the Shariah-compliant banking in the predominantly Muslim Pakistan was expanding at a fast pace.