LAHORE: The assets of Islamic banking would exceed $1.3 trillion soon while more than 1,100 Islamic financial institutions were operating all over the world.
This was revealed by the deputy governor banking of the State Bank of Pakistan in the international conference on Islamic Banking and Takaful held today at the Expo Centre Lahore. Delegates from all over the world participated in this mega international event.
The deputy governor banking said that Islamic banking is rapidly expanding all over the world and emphasised on the growth and development of Islamic microfinance and housing sector in Pakistan.
He stated that the annual deposit growth had also been an impressive 39 percent and the share of assets and deposits of Islamic banking had increased to 6.1 and 6.4 percent respectively in Pakistan. In addition, branch network of Islamic banking had grown to 667 branches while the sub-braches were spread across the entire country.
The conference was organised by Alhuda Centre of Islamic Banking and Economics, wherein speakers and delegates from 24 countries participated in this mega event including USA, Malaysia, Indonesia, South Africa, Mauritius and Kenya. They presented their research based speeches and presentations on Islamic banking and finance.
The conference would continue for three days. Areas covered on the first day included Islamic banking and its Shariah issues, Shariah methodology, Takaful, Islamic brokerage, halal industry and Islamic funds, while Islamic microfinance and Shariah standards would be discussed on the second and third day.
Talking to the audience, AlHuda Centre of Islamic Banking and Economics CEO Muhammad Zubair Mughal said that the purpose of organising this conference was to highlight the image of Islamic banking and finance all over the world and to convey its Shariah standardisation.
