Pakistan's Islamic Finance Industry Maintains Strong Growth in 2021

Pakistan’s Islamic finance industry has displayed rapid growth in 2021 as Islamic banks recorded their highest growth since 2015, expanding at a 30% annual rate with Islamic banking assets expected to have reached PKR 5.5 trillion (USD 31 billion) by the end of 2021.

Why it Matters?

Pakistan’s decade-old Islamic banking industry has maintained steady growth, comprising today of five full-fledged Islamic banks, including Al Baraka Bank Pakistan, Bank Islami Pakistan, Dubai Islamic Bank Pakistan, MCB Islamic Bank and Meezan Bank, and 17 conventional banks with Islamic banking branches. In order to increase liquid investments in Islamic banks and create a new Islamic money market segment for the industry, the State Bank of Pakistan’s (SB...