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    Assets of Islamic Banking Surge to Over Rs. 8 Trillion

    The Islamic banking industry (IBI) maintains its upward trajectory, demonstrating remarkable growth in asset value and deposits, surpassing Rs. 8 trillion and Rs. 6 trillion, respectively, by the end of September 2023.

    As per the Islamic Banking Bulletin released by the State Bank of Pakistan (SBP), IBI’s assets surged to Rs. 8.417 trillion, a substantial increase from Rs. 1.5 trillion in September 2022. Deposits crossed the six trillion mark, reaching Rs. 6.160 trillion, reflecting a growth of over Rs. 1.1 trillion from the previous year. By September 2023, IBI commanded a market share of 19.6% in assets and 22.5% in deposits within the overall banking industry, according to SBP.

    Over the past year, the number of branches expanded by 475 to 4,666, indicating the growth in IBI’s business and customer base. The branch network comprised 22 Islamic Banking Institutions (IBIs), including 6 full-fledged Islamic banks (IBs) and 16 conventional banks with standalone Islamic Banking Branches (IBBs) as of September 2023.

    Investment in Islamic banking surged to over Rs. 3 trillion, with an addition of Rs. 1.1 trillion during the same period, reflecting a remarkable 105% year-on-year growth. The government’s issuance of various Sukuks to raise funds contributed to this increase, as their profit rates are comparatively lower than those offered by conventional banks on T-Bills and PIBs.

    However, the financing sector of IBI experienced modest 1.3% year-on-year growth, totaling Rs. 3.02 trillion in September 2023, up from Rs. 2.98 trillion in September 2022. Reluctance among customers to avail financing facilities from Islamic banks, attributed to high profit rates and economic slowdown, has been observed.

    Responding to the Islamic banks’ request, the banking regulator delinked KIBOR for Islamic banks in various customer services.

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