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«The Roots & Development of Islamic Banking in the World & in Pakistan Muhammad Aqib Ali Director and Country Head, International Islamic Finance & ...»

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depicted by the amazing facts and figures in the latest SBP Islamic Banking Bulletin (2013) which states that the total number of Islamic banking branches in the country is 1100 (till March 2013) as compared to only 99 in February 2006; the total deposits of Islamic banks stands at an encouraging figure of 9.7% out of total bank deposits and net finance and investment operations percentage is 8.5%. The trend was accurately forecasted in 2006 by Al-Refai who projected that the aggregate Islamic banking deposits will be estimated to be at staggering 13 billion US$ approximately 10% of the total bank deposits in the country by

2014. The progress is still taking place as all the industry stakeholders are playing their role in the strengthening of Islamic finance including the central bank of Pakistan, the State Bank of Pakistan (SBP). SBP recently started a massive media campaign in the country to enhance awareness and to promote acceptance of Islamic finance, its products and services. The campaign is part of an initiative that also includes a proposal to establish a country level Shariah Board to supervise the activities of Islamic financial institutions and to ensure greater levels of Shariah compliance in the products and service offerings of Islamic banks and other Islamic financial institutions. (Bernardo 2013)

Conclusion

Islamic banking has shown an outstanding potential and has gradually grown from strength to strength in the last five decades, globally. An annual growth rate of over 16% demonstrates the phenomenal expansion of Islamic banking and finance paradigm in the world. When we specifically survey the progress of Islamic banking in Pakistan, this can be said that it has been quite encouraging and consistent. The facts and statistics support the splendid growth of Islamic banking initiative in the country; for instance in the initial years of Islamic banking in Pakistan i.e. from the late 1970s to 1990s, a growth rate of 13% was observed while it has been more than 30% according to the latest estimates (Dawn 2014). Apart from the positive progress, there are also some challenges and issues like Shairah compliance, negative perceptions of people towards Islamic banking, and mighty conventional/interest-based system,that act as hurdles to the overall expansion of Islamic banking in Pakistan. These issues must be addressed discreetly and effectively to make sure that Islamic banking keeps on the right track and continues to progress in the right direction. The potential and vision of Islamic banking can only be realized if it favorably impacts all of the relevant stakeholders, principally its customers, and this can be achieved through greater focus on research, innovation, product diversity, customer satisfaction & awareness.

References

Ahmad Kaleem, Rana Abdul Wajid, (2009), “Application of Islamic Banking Insturment (Bai Salam) for Agriculture Financing in Pakistan”. British Food Journal, Vol. 111 Issue: 3 pp.275-292.

Akram Khan, Muhammad (1994), “Islamic Banking in Pakistan: The Future Path”, All Pakistan Islamic Education Congress;

Lahore, Pakistan.

Ar-Refai, M.A.B. (2006), ‘‘Unicorn investment bank enters Pakistan’’, media release, Unicorn Investment Bank, Bahrain, 20 June, 2006.

Bernardo, Vizcaino, (2013), “Pakistan launches media campaign to boost Islamic finance”, Reuters India Edition, 19th July 2013.

Bose, S. and R. W. McGee (2008). “Islamic Investment Funds: An Analysis of Risks and Returns”, Florida International University Chapman Graduate School of Business.

Cornelisse, P. and Steffelaar, W. (2008). “Islamic Banking in Practice: the Case of Pakistan”. Development and Change Volume 26 Issue 4, Published Online: 22 Oct 2008, 2009 Institute of Social Studies.

Council of Islamic Ideology (1980), “Report on the Elimination of Interest from the Economy”, published on June 15th 1980.

Dawn (2014), “Islamic Banking Growing at 30%”, The Dawn E-Paper, January 16th 2014, Available at:

http://www.dawn.com/news/1080554/islamic-banking-growing-at-30pc (Accessed on: 16 January 2014) Gerrard, P. and Cunningham, J. B. (1997) “Islamic banking: A study in Singapore”, International Journal of Bank Marketing, Vol. 15, No. 6.

Ghannadian, Farhad F. and Gautam Goswami, (2004),"Developing economy banking: the case of Islamic banks", International Journal of Social Economics, Vol. 31 Iss: 8 pp. 740 – 752 Humayun Dar, (2013), “Pakistan as a global leader in Islamic banking and finance”, The Express Tribune, 24th March 2013.

Jaffe, C. A. ( 2002 ) “Financial forms tailor products to lure Muslims”, Boston Globe, 20 January 2002.

Kabir, M. Hassan, (1999),"Islamic banking in theory and practice: the experience of Bangladesh", Managerial Finance, Vol. 25 Iss: 5 pp. 60 – 113.

Kapur, S. (2008), “Islamic banks post 26.7 percent growth rate”, available at:

www.zawya.com/story.cfm/sidZAWYA20080325033525.

Khan, M. Mansoor, M. Ishaq Bhatti, (2008),"Islamic banking and finance: on its way to globalization", Managerial Finance, Vol.

34 Iss: 10 pp. 708 - 725 Laldin, Mohamad Akram, (2008),"Islamic financial system: the Malaysian experience and the way forward", Humanomics, Vol.

24 Iss: 3 pp. 217 – 238.

Rammal, H. G. (2004) “Mudaraba in Islamic finance: Principles and application”, Business Journal For Entrepreneurs, Vol.

4.

Saad A. Metawa, Mohammed Almossawi, (1998),"Banking behavior of Islamic bank customers: perspectives and implications", International Journal of Bank Marketing, Vol. 16 Iss: 7 pp. 299 - 313 Sania Khalid, Shehla Amjad, (2012),"Risk management practices in Islamic banks of Pakistan", The Journal of Risk Finance, Vol. 13 Iss: 2 pp. 148 – 159 State Bank of Pakistan (2006), Islamic Banking Bulletin February 2006.

State Bank of Pakistan (2013), Islamic Banking Bulletin March 2013.

–  –  –

Usmani, Muhammad Taqi (1999), Islamic Finance, New Steps, Darul Uloom, Karachi.

Venardos, A. M. (2006). Islamic Banking & Finance in South-East Asia - Its Development & Future. World Scientific Publishing Company, Singapore.

Yousef, T. (1996), ‘‘Islamic banking and financial development and growth’’, Forum, Vol. 3 No. 3.

Zaman, Dr. Asad, (2013), “Islamic economics and the global financial crisis”, Islamic Economist, 18 th July, 2013.

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