Islamic Finance

Dr. Reza Baqir appointed IFSB Chairman

Dr. Reza Baqir, Governor, State Bank of Pakistan (SBP) has been appointed Chairman of the General Assembly of Islamic Financial Services Board (IFSB) for the year 2022. His appointment was approved by the IFSB General Assembly in its 19th meeting held on 9th June 2021. On his appointment as Chairman for the 20th General Assembly,… Continue reading Dr. Reza Baqir appointed IFSB Chairman

Islamic Finance

Meezan Bank 1QCY21 EPS up 11%YoY

Meezan Bank (MEBL) has posted unconsolidated 1QCY21 earnings of Rs6,101 million (EPS: Rs4.3), up 11%YoY and 49%QoQ. Alongside result, the bank announced a cash dividend of Rs1.5/share, which was also higher than industry consensus. The result came in higher than expectations due to Rs284 million provision charge recorded in 1QCY21, which essentially was 93%QoQ lower.… Continue reading Meezan Bank 1QCY21 EPS up 11%YoY

Islamic Banking in Pakistan

State Bank of Pakistan Unveils Strategic Plan for Islamic Banking

On Monday 5th April 2021, State Bank of Pakistan (SBP) has unveiled its third five-year Strategic Plan for the Islamic banking. The plan has set headline targets for Islamic banking to be achieved by 2025. These include: 1) achieving 30% share in both assets and deposits of overall banking, 2) boosting to 35% share in… Continue reading State Bank of Pakistan Unveils Strategic Plan for Islamic Banking

Islamic Banking in Pakistan, Islamic Finance

Pakistan posts highest growth in Islamic banking since 2015

In Pakistan Islamic banking has posted growth of 30 percent in the assets and 27.8 percent in deposits during CY2020. This is the highest increase in assets in a year since 2012 and in deposits since 2015. Over the last five years, both assets and deposits of the Islamic banking have more than doubled. This… Continue reading Pakistan posts highest growth in Islamic banking since 2015