The Islamic finance industry continued the growth momentum in Pakistan in 2021 proving its viability supported by strong public demand and focus on real economic activities. The industry which re-started the journey in Pakistan with the first Islamic banking license granted to Meezan Bank with almost a zero-based is growing day by day and expected to reach Rs 5 trillion mark in terms of assets by end of December 2021, while the market share of conventional banking sector is on a constant decline. Pakistan is ranked 8th in the Global Islamic Economic Indicator list with the sustainable growth of Islamic…
Author: Ahmed Ali Siddiqui
Islamic finance industry in Pakistan has witnessed a strong growth in Pakistan over the last decade, with the share of Islamic banking sector reaching 14.8% of the total banking market and share of Islamic mutual fund industry capturing 30% market share depict a strong demand at the grass root level. In addition to it, Takaful (Islamic insurance) sector has witnessed higher growth in the last few years especially after the introduction of Takaful Windows in Pakistan and all major insurance companies has started offering Takaful based products. The stagnant Mudarabah sector has also shown positive results after the strengthening of…