Islamic Banking’s assets grow by 2.8%

Islamic Banking’s assets grow by 2.8%

ISLAMABAD: Assets of Islamic banking industry have increased by 2.8 percent during the quarter January to March, 2018 and were recorded at 2,334 billion rupees, compared to 2,272 billion rupees in the previous quarter.

According to data released by State Bank of Pakistan, the financing recorded growth of 6.4 percent (77 billion rupees) during the period under review whereas market share of Islamic banking industry’s assets in overall banking industry’s assets increased by 1.1 percent during the period under review.

The share of net financing and investments in total assets (net) of Islamic banking industry stood at 54.9 percent and 22.7 percent, respectively by end March, 2018.

On the other hand, assets of Islamic banking branches of conventional banks reflected relatively better quarterly growth of 6.1 percent (55 billion rupees) compared to full-fledged Islamic banks and their assets base was recorded at 975 billion rupees by end March 31, 2018.