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Monday, 22 July 2013

Pakistan: Major Islamic finance push is launched

KARACHI: Pakistan's central bank has launched a mass media campaign to raise awareness and acceptance of Islamic finance among consumers in the world's second most populous Muslim country.
This is part of an overhaul of Islamic finance activities in Pakistan, which also includes the establishment of a country-level Sharia board and new rules for Sharia-compliant financial products.
The central bank is rolling out a five-year plan for Pakistan's Islamic banking sector, which follows religious principles such as ban on interest and pure monetary speculation.
"There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm," said central bank governor Yaseen Anwar at the launch of the campaign.
The country's Islamic banking industry includes five full-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows.
(Gulf Daily News / 20 July 2013)

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