SBP voted as best central bank for promoting Islamic finance


KARACHI Jan 11 (TNS): State Bank of Pakistan (SBP) has been voted as Best Central Bank in Promoting Islamic Finance by a poll conducted by International Finance News (IFN), an arm of Red Money Agency, Malaysia.

State Bank of Pakistan also won this award in 2015. It is also important mentioning that in 2016, Pakistan was awarded Global Islamic Finance Award (Advocacy Award) by Edbiz Consulting Limited, UK. This recognizes the dedication and commitment of State Bank of Pakistan over the years for laying sound foundations for sustainable growth of Islamic finance industry in the country.

Islamic banking industry has shown significant growth rate since its re-launch in 2002; by end September 2017, share of Islamic banking stood at 11.9 percent in terms of assets while in terms of deposits its share is 13.7 percent with a network of 2,368 branches across the country.