SBP unveils Islamic banking plan

SBP unveils Islamic banking plan
Aims to make Islamic banking one-third of overall banking industry by 2025
There is a need for the Islamic banking industry to capitalise on fintech to sustain its growth momentum, says SBP statement. PHOTO: FILE
KARACHI:
Pakistan’s central bank has launched a third five-year plan (2021-25) to support Islamic banks in expanding their outreach nationwide, advising them to increase online banking and “capitalise on fintech to sustain the growth momentum.”
The State Bank of Pakistan (SBP) noted that Shariah-compliant banking had gradually become an important part of the domestic economy with its market share increasing close to one-fifth of the overall banking industry in terms of deposits and assets over the past two decades.

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