‘Islamic banking growing fast in Pakistan’
LAHORE: Islamic Banking is fast growing in Pakistan, as it is risk-free compared to conventional mode of banking.
Al-Baraka Islamic Bank’s CEO Mohamed Isa Al Mutaweh stated this, while talking to Lahore Chamber of Commerce and Industry (LCCI) President Mian Muzaffar Ali at the chamber on Thursday.
Over the years, he said, the bank has successfully developed and maintained its identity as one of the leading providers of a host of banking products and services in strict compliance with Shariah principles.
The Islamic financing products such as Murabaha, Ijara, Musharaka and Islamic Export Refinance etc are catering to a diverse cross-section of the economy, including the corporate, SME and consumer sectors, he added.
While, the LCCI president said that today more than 250 Islamic financial institutions are operating worldwide from China to USA. Western banks through their Islamic units in UK, Germany, Switzerland, Luxembourg etc also practice Islamic banking, he maintained. app