Two more Islamic banks may get licences in Pakistan
Pakistan Times Business & Commerce Desk

ISLAMABAD: State Bank of Pakistan is considering granting of Islamic banking licences to two new applicants.

According to Qatar leading daily "The Peninsula" Director Islamic Banking Department of the State Bank of

Pakistan (SBP) Pervez Saeed said a "couple of new licences are in the pipeline".

Presently four full-fledged Islamic banks are doing business in the country. According to him, the number of Islamic bank branches including dedicated Islamic branches of commercial banks has reached 100 against 7,000 conventional bank branches.

Indonesia started Islamic banking in mid-1990s and the share of Islamic banking in total banking was 1.34 per cent while Malaysia began Islamic banking in 1983 and its share in total banking was 11.6 per cent.

Pakistan re-launched Islamic banking three years ago and its share in total banking crossed 0.1 per cent, Saeed said, terming the growth rate "satisfactory".

He said ultimately the efficiency of Islamic banking would prevail, adding the Islamic Financial Board with headquarters in Malaysia is "nowadays busy in formulating standards for Islamic banks and these standards will be implemented globally."●