KARACHI: Pakistan Islamic banks are stick to Karachi Interbank Offered Rate (KIBOR) – an interest based benchmark.
State Bank of Pakistan
KARACHI: State Bank of Pakistan (SBP) on Monday said it has adopted Sharia standards of accounting and auditing for Islamic banks in the country. In a statement, the central bank said strengthening Shariah compliance of Islamic banking industry in line with the best international practices is one of the key pillars of SBP’s 3rd Strategic […]
KARACHI: The assets of Shariah compliant banks in Pakistan have increased by 30.6 per cent to Rs4.39 trillion by end of quarter January – March 2021 as compared with Rs3.36 trillion in the same quarter of the last year, State Bank of Pakistan (SBP) said on Friday. The assets base industry share of Islamic banking […]
KARACHI: Deposits of Islamic banking institutions have increased by 28 percent to Rs3.39 trillion for the year ended December 31, 2020, the State Bank of Pakistan (SBP) said on Wednesday. The deposits of the Islamic banks were at Rs2.65 trillion by year ended December 31, 2019. The market share of Islamic banks in overall banking […]
KARACHI: State Bank of Pakistan (SBP) on Wednesday revised instructions for Islamic Banking Windows (IBWs) of conventional banks in order to enhance the share and outreach of Sharia compliant financial services. In a statement the central bank said that keeping in view the significant potential of Islamic Banking Windows (IBWs) in enhancing the share and […]
KARACHI: Deposits of Islamic banking system has increased by 18.8 percent to Rs2,415 billion by end-June 2019 as compared with Rs2,033 billion a year ago, State Bank of Pakistan (SBP) said on Friday. The SBP in its Islamic Banking Bulletin said that the market share of Islamic banking systems in terms of deposits in overall […]
KARACHI: Federal Board of Revenue (FBR) has been suggested to draft new legislation for taxation of Islamic banking. It is proposed that the audited financial statements of Islamic banks as well as those of Islamic Banking branches/windows operations of conventional banks provided separately in the audited financial statements of conventional banks submitted to the State […]