KARACHI: Business is going to be Islamized since central bank of Pakistan is going to introduce Islamic banking in second largest Muslim majority nation.
Even though Pakistan is entitled to be in those few Muslim countries which introduced Islamic Banking as early as the decade of 70’s on nationwide scale still its impact on business is far behind the impact observed in other countries.
In the latest report from September, Islamic banks shared 926 billion rupees (8.82 billion USD) in overall banking industry of Pakistan which makes up to only 9.4 per cent of total. Consequently, GCC region shares more than 25 per cent.
Central bank has now aimed to increase share of Islamic Banks to about 15 percent which is almost double to current share. This has been planned to be done over next 5 years which is, definitely, going to revolutionize the banking sector.
Summit Bank, being part of central bank’s policy is going to be an overall Islamic Bank within three to five years which will probably become Pakistan’s second largest Islamic Bank after Meezan Bank Ltd.