Sbp plans to further streamline the cross border

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SBP plans to further streamline the cross border coordination with international institution by taking initiatives like; (1) seek technical assistance from IRTI/IDB, IFSB and INCEIF for education, training and conferences, (2) supporting IIFM in workshops for development of Islamic financial market, (3) encouraging Islamic financial institutions of Pakistan to seek membership in IFSB and opening of overseas branches. Conclusion Globally Islamic Financial Services Industry has made commendable progress in the last few years. The pace of growth remained much higher compared to the conventional finance industry. All major stakeholders and industry experts expect the trend to continue in medium to long term. I agree with positive outlook of the global Islamic Financial Services Industry, but there is no room for complacency. There is still a lot to be done. We have to move forward and work for achieving the core and fundamental objective of an Islamic economic system. Last but not the least, the State Bank will continue its efforts to strengthen regulatory infrastructure in order to ensure that Islamic banking in Pakistan continues to grow fast and on sound footings. In the end, I would once again applaud the efforts of Al Huda for arranging the conference, exhibition and workshops and hope that these would be success in meeting the objectives and contribute in further promotion of Islamic banking in Pakistan and abroad
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July-September 2009 5 Islamic banking in Pakistan continued to expand during the quarter ended-September 2009. The share of Islamic banking in assets, deposits and financing & investment of banking industry has further strengthened. The highlight of quarter July-September 2009 was that most of the indicators of the Islamic banking Pakistan remained robust. However, there were some slippages in asset quality and slight decline in financing activities. Assets and Financing Table 1: Industry Progress and market share Rupees in billion & industry share in percent Sep 09* Jun 09* Dec.08 Dec.07 Dec.06 Dec.05 Dec.04 Dec.03 Total Assets 323 313 276 206 119 72 44 13 Share in industry 5.3 5.1 4.9 4.0 2.8 2.0 1.5 0.5 Deposits 245 238 202 147 84 50 30 8 Share in industry 5.5 5.2 4.8 3.8 2.6 1.8 1.3 0.4 Net Financing & Investment 198 194 186 138 73 48 30 10 Share in industry 4.2 4.2 4.3 3.5 2.3 1.7 1.3 0.5 Total Islamic Banking Institutions 19 18 18 18 16 11 11 4 Total No. of Branches ** 551 528 515 289 150 70 48 17 *Source: Annual Accounts except for June and Sept 09, data for which is based on Unaudited Quarterly Accounts **number includes sub-branches Total Assets of Islamic Banking in Pakistan reached Rs 323 billion in September 2009 compared with Rs 313 billion in June 2009. The financing and investment portfolio of Islamic banks reached Rs 198.4 billion in September 2009 compared with Rs194 billion in June 2009. In terms of market share, total assets, financing & investment and deposits reached to 5.3 percent, 4.2 percent and 5.5 percent at end September 2009. Branch network
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SBP plans to further streamline the cross border...

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