Friday, November 9, 2007

Islamic banking in Pakistan set to get major boost

from The Economic Times (India)

Khalid Rafi, Chairman Islamic Capital Partners, said the Islamic banking in Pakistan would achieve 12% share of the overall financial sector in the country by 2012. He said it roughly translates into an additional growth of USD 15 billion in deposits over the next five years. "Today, we have six full Islamic banks operational in the country that have been established with support from leading financial institutions from the GCC (Gulf coordination committee) ... Islamic banks have launched an aggressive outreach campaign and have added 140 branches in just 18 months. The total branch network stands close to 218, and is set to quadruple over next four years, he was quoted as saying by the Daily Times newspaper today. Foreign investors are showing increasing interest in Pakistans Islamic banking, with direct investments exceeding Rs 2,000 crore, a report had said last month.

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