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 Banking in Pakistan: Progress During FY20 and Outlook

In Pakistan, Islamic banking has registered substantial growth over the last few years. Along with increase in number of branches, windows and diversity of Islamic banking products and services, the size of Islamic banking balance sheet has improved significantly. The growth continued during FY20, as the assets and deposits of the Islamic banking grew by… Continue reading Islamic Banking in Pakistan: Progress During FY20 and Outlook

Islamic banking in UAE

Dubai Islamic Bank Half-Year Profit Up 14%

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE by assets, posted group net profit of Dh2.44 billion in the first-half of 2018 as compared to Dh2.14 billion for the same period in 2017, up 14 percent. Net revenue for the period ending June 30, 2018 amounted to Dh4.036 billion as compared to… Continue reading Dubai Islamic Bank Half-Year Profit Up 14%

Deployment of technology in Islamic banking

Maalem Financing signs an agreement with Path Solutions to implement a new Islamic core banking platform

In line with its new business and innovation strategy, Maalem Financing has signed an agreement with Path Solutions, the Islamic banking software specialist, in which iMAL Islamic core banking platform will be rolled out progressively at the company‚Äôs headquarters. Founded in 2009 and licensed by the Saudi Arabia Monetary Authority (SAMA), Maalem Financing is a… Continue reading Maalem Financing signs an agreement with Path Solutions to implement a new Islamic core banking platform

Islamic Banking in Pakistan

Strengthening Islamic Banking in Pakistan

The general perception is that Islamic banking in Pakistan is making progress in leaps and bonds. The supporting arguments are number of branches offering this facility, percentage of deposits held by Islamic financial institutions (Islamic banks and designated Islamic banking branches of conventional banks and Islamic banking attaining the status of first choice. However, some… Continue reading Strengthening Islamic Banking in Pakistan