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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