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Pakistan's Islamic banking industry

Pakistan's Islamic banking industry experienced significant growth of nearly 22% in the third quarter of 2023, reaching a record high of Rs8.417 trillion. More customers are choosing Shariah-compliant finance due to supportive regulations.
Islamic banking deposits surpassed six trillion rupees, reaching Rs6.160 trillion by September. This sector holds a market share of 19.6% in assets and 22.5% in deposits within the overall banking industry.
The growth is driven by increased investments and financing. The State Bank of Pakistan aims to convert conventional banks into Islamic ones, aligning with the country's strategic vision.
A recent study shows that religious beliefs contribute to a significant demand for Islamic banking in Pakistan. The Federal Shariat Court's ruling mandates full Shariah compliance in the banking sector by 2027, setting high expectations for Islamic banking.