Pakistan’s Islamic Banking Assets Rise 41.3% in the Third Quarter of 2022
December 29, 2022 | Updated at January 09, 2023
The Islamic Banking industry (IBI) assets value in Pakistan witnessed a 41.3% increase to PKR 6.9 trillion (USD 30.73 billion) in the third quarter of 2022 (3Q 2022) from PKR 4.88 trillion in the third quarter of 2021 (3Q 2021), according to the State Bank of Pakistan (SBP), on the 27th of December 2022.
Why it Matters?
The growth in IBI assets was primarily supported by net investments, which surged 105.8% year-over-year (YoY) to PKR 2.82 trillion (USD 12.55 billion) in 3Q 2022. Furthermore, assets continued to rise due to various Sukuk issuances that were made by the Pakistani government which totalled PKR 120 billion (USD 534.44 million) during the quarter.
DetailsThe market share of IBI's assets in the total banki...