Connect with us

Hi, what are you looking for?

Latest News
• Govt. bans TLP under anti-terrorism law • Fawad Chaudhry given additional charge of information ministry. • NA panel directs timely imports to bridge cotton n wheat shortfall • Petroleum prices reduced by 2.5% • CCOE extends flat tariff for industrial consumers till June 2022 • Health card scheme to bring about revolution: PM • Policeman gunned down in Bajaur • Peshawar police arrests Aurat March organisers over blasphemy charges • Inspection of all orphanages in Sindh ordered to examine facilities • Brazil, SA, UK variants of Covid-19 in Karachi-Study • Turkish President phones Prime Minister IK • Google Earth adds time lapse video to depict climate change • TLP protests outside mission in London • 220 centres for accelerated learning set up in Baluchistan • NAB files reference against former KMC official • Crude oil rose 9 cents to $63.55 a barrel • Gold prices fell $1.55 to $1,765.25 an ounce • PSX: 100 Index is up 114 points at 45,345 • Dollar depreciated by 3 paisa to Rs152.80 in interbank • FO to ask Indian response on lawyer’s appointment in Jadhav case • Cricketer Rizwan named among Wisden’s Five Cricketers of the Year • US Secretary Blinken vows ‘enduring’ Afghan ties after pull out
News Alert
    • Shaukat Tarin appointed as Finance Minister, Fawad Chauhdry as Information Minister
    • Omar Ayub Minister for Economic Affairs, Hamad Azhar Energy Minister
    • Khusro Bakhtiar Industries & Production&  Shibli Faraz Minister for Science & Technology
    • PTA blocks social media apps from 11 am till 3 pm today.
    • Apps include; Facebook, Instagram, Whatsapp, Twitter, YouTube.
    • Covid Updates: 5,364 cases reported while 110 deaths recorded in last 24 hrs
    • Currently, 78,425 cases are active in the country
    • The death toll reaches 15,982 in Pakistan
    • 4,123 people recovered in last 24 hrs
    • The current positivity rate is 8.32% in the country 


People Following Islam Financially; One Third Jump in Islamic Banking Assets

Islamic Banking shows a visible upsurge despite Covid

KARACHI: Pakistan has recorded a 30 per cent growth in Islamic banking assets during the 2020 fiscal year.

According to a report released by the State Bank of Pakistan (SBP) on Wednesday, the overall deposits of the Islamic banking industry have also shown a growth of 27.8 per cent, in 2020.

This, the report said, is the highest increase in assets in a year since 2012 and in deposits since 2015.

Islamic banking

Over the last five years, both assets and deposits of the Islamic banking industry have more than doubled.

“This growth in assets and deposits of the Islamic banking industry is encouraging, particularly due to the fact that the industry was also faced with the Covid-19 pandemic challenges during 2020,” the report added.

The assets of the Islamic banking industry increased to Rs4,269 billion ($27.50 billion), while deposits reached Rs3,389 billion ($21.3 billion) by the end of December 2020.

Financing of the Islamic banking industry has also grown by 16 per cent during 2020.

“In continuation of its on-going strategy, the State Bank remains committed towards promotion of Islamic banking industry on sound and sustainable basis in the country by providing a level playing field,” the report concluded.

Currently, apart from five full-fledged Islamic banks, over a dozen conventional banks are offering Islamic banking services in Pakistan.

Written By

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *




Setting another precedent of love, an American woman embraced Islam, travelled to Pakistan to marry a young TikToker from Rawalpindi. Daniel, 40, from Washington...


The Bollywood’s Farhan Akhtar is working on Marvel Studio project and currently shooting in Thailand, sources revealed.  A source told The Times of India...

Latest Updates

The government plans to open registration for Covid-19 vaccination for all citizens after Eid, said Minister for Planning, Development and Special Initiatives Asad Umar....


ISLAMABAD: The International Monetary Fund on Wednesday projected Pakistan fiscal position to remain under pressure during current fiscal year with budget and primary deficit...

Copyright © 2021 The Truth International