Islamic banking sees growth in Pakistan

Karachi: Islamic Banking in Pakistan has witnessed significant growth during the last decade and now constitutes over 10 percent of the country’s banking system with an asset base of over Rs. 900 billion and a network of more than 1100 branches.

Given the interest of all stakeholders and the high-level of financial exclusion in the country, it is believed that this expansionary trend is likely to continue and the industry is well set to double its market share by 2020. These views were expressed by Ahmed Ali Siddiqui (Head of Product Development & Shari’a Compliance (PDSC), Meezan Bank) and Farhan ul Haq Usmani (VP, PDSC, Meezan Bank Limited) while addressing the career development and awareness workshop on Islamic Banking & Finance at Bank’s regional training centre in Karachi.

Meezan Bank conducted a career development and awareness workshop on Islamic Banking & Finance to provide guidance to the participants about career possibilities and prospects in Islamic Banking and Finance.

The industry professionals shared the current progress of Islamic Banking from both local and international perspectives and the tremendous career opportunities available for trained Islamic Finance professionals. The turnout was overwhelming and it provided a great opportunity for the participants to understand the Industry.

The enormous growth in the Islamic finance industry is providing great career opportunities to trained individuals. The significance of Islamic Finance and the need to shift from conventional to Islamic financing was even recognized at the World Economic Forum 2013, where the British Prime Minister, David Cameron announced that Britain will be the first non-Muslim economy to issue Islamic Bonds (Sukuks).

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