SBP Moves To Islamise Banking In Pakistan

Karachi- An extensive KAP Study of the State Bank of Pakistan (SBP) established the demand for Islamic banking at all levels.

The study also revealed the lack of awareness not only among ordinary people but even among the educated strata of the Pakistani society. There is a strong desire among consumers to know more about Islamic banking and address some crucial questions.

This was stated by Deputy Governor SBP Saeed Ahmad while launching the second phase of media campaign for the promotion of Islamic banking in Pakistan. In his inaugural speech, the deputy governor congratulated all the stakeholders on successful completion of the first phase of media campaign which primarily focused on developing awareness and improving visibility of Islamic banking in the country.

He said the main theme of second phase of this campaign which was being launched was education and awareness of Islamic banking. He said through this campaign people would be able to know the basic principles of Islamic banking. This would further translate into growth of the industry in the country.

He explained that the building of this phase would stand on preparation of documentaries on Islamic finance explaining basic concepts, practices and also address the general misconceptions, intensive use of print media for dissemination of basic Islamic banking concepts, engaging electronic media for initiating talks on Islamic banking and finance by renowned Islamic finance professionals, highlighting value proposition and Shariah compliance of Islamic banking and dissemination of the brochures and pamphlets containing answers of some of the common questions about Islamic banking by public at large.

He also updated the audience about the initiatives of the steering committee for promotion of Islamic Banking constituted by the federal government. In this regard, he said the committee had completed its first year and various issues faced by the Islamic banking industry had been discussed and solutions had been recommended.

The deputy governor further disclosed that the federal finance minister would be launching the third round of Financial Innovation Challenge Fund on 9th January in Islamabad. The theme of this round is to invite leading business schools and universities of the country for the establishment of a “Centre of Excellence for Islamic Banking and Finance”.

The Centre would ensure supply of qualified and trained human resources to the Islamic banking and finance industry not only in the country abut also the world over. Speaking at the ceremony, Irfan Siddiqui, the chairman of Committee for Media Campaign, lauded SBP’s efforts for launching the second phase of awareness campaign for promoting Islamic banking in Pakistan.

He specially thanked the governor, deputy governor and Islamic banking department of the State Bank for taking keen interest in the growth of Islamic banking industry and steering the launch of an industry-wide joint campaign. He said that with these coordinated efforts, the industry would achieve the 20 percent share target by 2020. Siddiqui also admired the positive role of Steering Committee for Promotion of Islamic banking established by Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar.

 Originally published on www.pakistantoday.com.pk