Words of Wisdom - the Editor

Peace.
Got busy with a new project. So couldn’t add more news. Although I came across a fine article by a brother on the history and future of Islamic Banking. I was surprised to know that Islamic banking had beginnings in 1975. Wow. That’s almost as early as my birth. And I guess if there are enough like minded people any idea is bound to grow. I too used to wonder if I can invest without plunging into interest based transactions.

UK I noticed is taking some fine initiatives to promote Shariah Finance. Also came across a western brother or atleast who calls Muslims his brothers and sisters but laughs cynically at the DOW Islamic index as 'bending backwards' to accommodate those guys who have four wives and cut of peoples hands. O well some people just don't get it, do they?

Monday, January 26, 2009

Over 840 Islamic banks branches to be opened by 2012

KARACHI - Domestic banks in the country are expected to open more than 840 new branches throughout the country to carry out Islamic banking. At present the number of branches offering exclusively Islamic banking is 260. But by the year 2012 the total number of the Islamic bank branches would expand to over 1200.
This upcoming expansion in the Islamic banking in Pakistan had been mentioned in the Pakistan's Islamic Banking Sector Review 2003-2007.

The Future Outlook about the Islamic banking in Pakistan points out that the phenomenal expansion in the network of this sector is based on the factors like unmet demand, geographical coverage, product development, new segments and data collected by different Islamic banks.

It further estimated that total assets of Islamic banking industry would reach over one trillion rupees by the year 2012 while the deposits are expected to reach Rs.1 trillion. This in combination with the introduction of new sectors into the fold of Islamic banking
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