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Islamic Banking Industry has Experienced Healthy Progress: Tarin

Islamabad: Federal Minister for Finance and Revenue, Shaukat Tarin, stated that the Islamic Banking Business has witnessed healthy growth over the years, and that the time has come to consider the means by which to navigate the next phase of development for this industry.

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The finance minister stated that Islamic Banking has swiftly expanded on both domestic and foreign markets and has gained a systemic role in a number of nations. In addition to its religious appeal, the Islamic banking industry is gaining popularity due to its strong economic and social factors.

Sukuk’s capacity to generate capital through shariah-compliant mechanisms while preserving a strong relationship between the real economy and the financial sector has made its emergence an important development in Islamic Capital Markets. In Pakistan, the Sukuk market has advanced significantly due to the issuance of these securities by both governmental and corporate entities.

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The finance minister also emphasized the government and State Bank of Pakistan’s (SBP) efforts to facilitate the Islamic Banking Industry through the provision of tax neutrality in comparison to the conventional banking system.

In addition, he urged all parties to investigate the possibilities of Islamic finance in encouraging infrastructure development in nations such as Pakistan, especially under the Public-Private Partnership (PPP) delivery framework.

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