ISLAMABAD: The State Bank of Pakistan (SBP) on Friday said the Islamic Banking Industry (IBI) had recorded the “highest ever growth” in Pakistan as its assets surpassed the Rs5 trillion mark to reach Rs5,577 billion with the highest ever increase of Rs1,308 billion.
A portion of the demand for banking services in Pakistan is faith-sensitive and there is a large market for Shariah-compliant services. Over the years, the Islamic banking industry has established a strong footing and gained a sizable share of the banking industry.
Twenty-two Islamic banking institutions currently operate in Pakistan: five Islamic banks and 17 conventional banks with standalone Islamic banking branches.
“The Islamic Banking Industry (IBI) has reached new peaks during CY21 [Calendar Year 2021] as its assets surpassed the 5 trillion mark to reach Rs5,577 billion with the highest ever increase of Rs1,308 billion, whereas deposits reached at Rs4,211 billion with an increase of Rs822 billion,” the central bank said in its report.
The report said in the last calendar year, the Islamic Banking Industry grew by 30.6 percent, while deposits increased by 24.2 percent.
“The increase in assets of IBI was driven by both financing to the private and public sector and investments in Shariah compliant securities,” the central bank added.
The growth in deposits is also owed to the fact that the availability of Islamic banking services increased in the country with the addition of 500 new Islamic banking branches. The total number of branches now stands at 3,956 across 125 districts, which is around 25 percent of the total number of commercial bank branches in the country.
“State Bank has also been recognized as the best Central Bank of 2021 across the world in promoting Islamic finance by the Islamic Finance News (IFN), an arm of RED money Group, Malaysia. Previously, SBP was bestowed with this coveted award for the year 2015, 2017, 2018, and 2020,” the report read.
Islamic banking assets record highest ever growth in 2021 — Pakistan central bank
https://arab.news/wn95s
Islamic banking assets record highest ever growth in 2021 — Pakistan central bank
- Islamic banking industry has established a strong footing and gained a sizable share of the banking industry in Pakistan
- Availability of Islamic banking services has increased in Pakistan with addition of 500 new Islamic banking branches
Pakistan’s PIA to resume London flights from Mar. 29 after six-year gap
- Newly privatized airline says will operate four weekly flights from Islamabad to London
- PIA is already operating three fllights per week to British city Manchester, says airline
ISLAMABAD: The newly privatized Pakistan International Airlines (PIA) will operate direct flights to London starting Mar. 29, 2026, after six years, its spokesperson confirmed on Tuesday.
The PIA resumed its flight operations to the UK in October this year with its inaugural flight to Manchester. The airline is currently operating three weekly flights to the British city.
Britain lifted restrictions on Pakistani carriers in July, nearly half a decade after grounding them following a 2020 PIA Airbus A320 crash in Karachi that killed 97 people. The disaster was followed by claims of irregularities in pilot licensing, which led to bans in the US, UK and the European Union.
“Pakistan International Airlines has announced the expansion of its operations in the United Kingdom with the resumption of flights to London,” the airline’s spokesperson said in a statement.
“Starting Mar. 29, PIA will operate four weekly flights from Islamabad to London.”
The airline said that the London flights will be operated from Heathrow Airport’s Terminal 4, which it said is recognized as one of its most modern terminals.
“London was PIA’s very first international destination and remains one of its most important and attractive routes,” the spokesperson said.
Pakistan’s government succeeded in its frequent efforts to privatize the airline this month after a consortium, led by Arif Habib Group, on Dec. 23 secured a 75 percent stake in PIA for Rs135 billion ($482 million) after several rounds of bidding, valuing the airline at Rs180 billion ($643 million).
The sale marked Pakistan’s most aggressive attempt in decades to reform the debt-ridden national airline, which had accumulated more than $2.8 billion in financial losses. The government said it would end decades of state-funded bailouts and help revive the airline.
In an exclusive interview with Arab News this week, the airline’s new owner Arif Habib said he plans to renovate PIA planes, improve maintenance and flight schedule, and bring in new aircraft to revive the carrier.
Habib said he sees the region comprising the UK, the US and Canada as a “lucrative market” for the airline’s business.
“There we can increase the frequency of the flight,” he said. “We will also try to run flights to Canada from Karachi, Lahore, and I think it’s already in Islamabad.”
