KARACHI: Pakistan’s central bank has set a target to increase bank account coverage in the country to 75 percent of the adult population in next three years, its governor said on Tuesday, aiming to reduce the gender gap to 25 percent by 2028.
Pakistan, with a population of 240 million, is home to one of the world’s largest unbanked populations, with around 64 percent of its adult population having a bank account, according to central bank figures.
This has increased from only 47 percent in 2018, while the gender gap has also been narrowed from 47 percent to 34 percent in recent years.
Speaking at the Pakistan Banking Summit 2025, State Bank of Pakistan (SBP) Governor Jameel Ahmad said financial inclusion was one of the core functions of the central bank.
“To achieve these ambitious targets, we want to enhance the depth, breadth, and quality of financial services, particularly for low-income individuals, the microfinance sector, SMEs (small, medium enterprises) and agriculture,” he said.
The development comes as part of the SBP’s Strategic Vision 2028, which focuses on promoting inclusive and sustainable access to financial services, building an innovative digital financial ecosystem, and enhancing efficiency, fairness and stability of the financial system.
Ahmad called on the banking industry to reassess its business strategy to “focus on mobilizing deposits and increasing credit to the private sector particularly the SMEs and agriculture sectors.”
“Our banks need to rethink their current business model, reassess their priorities, and play a more active role in financial intermediation,” he said.
Pakistan, which has faced an economic meltdown in recent years, is currently undertaking reforms to document and digitize economy and broaden its tax base.
The central bank chief urged the banking industry to increase their usage of artificial intelligence, based on cellular and satellite data, to provide cost-effective alternative delivery channels to enhance access, usage and quality of financial services.
He reiterated the need to “work on a war footing” to help businesses digitize their payments by providing digital transactional access, preferably via secure portals.
Pakistan aims to increase bank account coverage to 75 percent in next three years
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Pakistan aims to increase bank account coverage to 75 percent in next three years
- Only 64 percent of adult population in Pakistan currently have bank accounts
- Pakistan has been making efforts to document its economy to broaden tax base
Pakistan issues over $7 billion sukuk in 2025, nears 20 percent Shariah-compliant debt target
- Finance Adviser Khurram Schehzad says this was the highest-ever Sukuk issuance in a single calendar year since 2008
- Pakistan’s Federal Shariat Court ordered in 2022 the entire banking system to transition to Islamic principles by 2027
ISLAMABAD: Pakistan’s Finance Adviser Khurram Schehzad on Monday said the country achieved a landmark breakthrough in Islamic finance by issuing over Rs2 trillion ($7 billion) sukuk this year, bringing it closer to its 20 percent Shariah-compliant debt target by Fiscal Year 2027-28.
A sukuk is an Islamic financial certificate, similar to a bond, but it complies with Shariah law, which forbids interest. Pakistan’s Federal Shariat Court (FSC) had directed the government in April 2022 to eliminate interest and align the country’s entire banking system with Islamic principles by 2027.
Following the ruling, the government and the State Bank of Pakistan (SBP) have undertaken a series of measures, including legal reforms and the issuance of sukuk to replace interest-based treasury bills and investment bonds.
“In 2025, the Ministry of Finance (MoF) through its Debt Management Office, together with its Joint Financial Advisers (JFAs), successfully issued over PKR 2 trillion in Sukuk,” Schehzad said on X, describing it as “the highest-ever Sukuk issuance in a single calendar year since 2008 by Pakistan.”
Pakistan made a total of 61 issuances across one-, three-, five- and 10-year tenors, according to the finance adviser. The country also successfully launched its first Green Sukuk, a Shariah-compliant bond designed to fund environment-friendly projects.
He said the Green Sukuk was 5.4 times oversubscribed, indicating investor demand was more than five times higher than the amount the government planned to raise, which showed strong market confidence.
“The rising share of Islamic instruments in the government’s domestic securities portfolio (domestic debt) underscores strong momentum, growing from 12.6 percent in June 2025 to around 14.5 percent by December 2025, clearly positioning the MoF to achieve its 20 percent Shariah-compliant debt target by FY28,” Schehzad said.
“This milestone also reflects the structural deepening of Pakistan’s Islamic capital market, sustained investor confidence, and the strengthening of sovereign debt management.”
He said Pakistan was strengthening its government securities market by making it more resilient, diversified, and future-ready, supported by a stabilizing macroeconomic environment, a disciplined debt strategy, and a clear roadmap for Islamic finance.
