KARACHI: State Bank of Pakistan (SBP) has won the global award as the bestCentral Bank in promoting Islamic finance for the year 2018. The covetedaward is conferred by Islamic Finance News (IFN), an arm of REDmoney Group,Malaysia. IFN Best Banks Poll is regarded as one of the most prestigiousaccolades in the Islamic finance industry.
The IFN Award as the best central bank for promotion of Islamic finance isthe global endorsement of SBP initiatives for promotion of Islamic bankingin the country.
The award reflects an international recognition of the strategic measureswhich SBP is undertaking to put in place a robust policy environment forIslamic banking to prosper.
The category of the Best Central Bank in Promoting Islamic Finance isalways one of the most closely fought contests with regulators battling forthe supremacy through exceptional advances made, during the year, in theregulation and standardization.
SBP is honored to have won this award for the third time in last fouryears. Previously, SBP was bestowed with this coveted award earlier in 2015and 2017.
Islamic banking industry in Pakistan has witnessed an impressive growth in2018 with its assets reaching 12.9% of banking sector and depositsaccounting for 14.8% of the total banking industry deposits. “The supportof Pakistan’s central bank is driving progress in the wider Islamic bankingsector, and the country’s Shariah compliant institutions are postingimpressive results”, IFN quoted.
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It may be noted that the last year continued to see growing interest fromthe players wherein industry footprints kept on enlarging with two newinstitutions getting license to offer Islamic banking products and services.
SBP also introduced Shariah compliant version of Long Term FinancingFacility (LTFF) enabling Islamic banking customers to avail subsidizedfinancing from Islamic banks for setting up export oriented projects.
Certain measures were also undertaken to augment the regulatory frameworkfor Islamic banking industry besides taking initiatives for enhancingcapacity levels to facilitate development of human resource for this evergrowing market.
It is pertinent to mention that Islamic banking industry in Pakistan isalso receiving continued support of the Government of Pakistan.
