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Article

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The government recently formed a high-powered committee to examine the current state of Islamic finance and suggest measures for future development.

The share of Islamic banks, introduced in Pakistan in parallel to the conventional banking system in 2001, has risen to 10pc of the banking assets in the country.

This achievement is not at all unimpressive considering that the growth rate of Islamic banking here is twice that of conventional banking.

Why is Islamic finance becoming popular worldwide and not only in Muslim countries? Muslims may be shifting towards it for reasons of faith but it is also receiving attention in the UK, Europe, Singapore, Hong Kong, etc.

The UK government has committed itself to making London the global hub of Islamic finance, and the UK treasury is issuing a Sukuk worth £200 million, becoming the first sovereign state outside the Muslim world to issue an Islamic bond.

Publication Source

Dawn

Publication Date

4-12-2014

Pages

1-3

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