KARACHI: The State Bank of Pakistan (SBP) has launched a strategic plan to augment the growth of Islamic banking industry in the next five years.
The strategic plan 2014-2018 aims at setting a direction for the industry, which is to be pursued in the said period, according to the SBP.
Since its re-launch in 2001, the Islamic banking industry (IBI) has been growing, accounting for 12 percent of overall banking system with 19 Islamic banks offering services over a network of 1,300 branches across the country. The key focus areas of the plan are: enabling policy environment, Shariah governance and compliance; awareness and capacity building and market development.
The functional strategies and action plan for achieving the objectives in each area have been developed in consultation with the Islamic banking industry, Shariah advisors, State Bank of Pakistan Shariah board members, academicians, Securities and Exchange Commission of Pakistan and Institute of Chartered Accountants of Pakistan.
The successful implementation of the plan is likely to give further boost to the SBP drive for earning Islamic banking industry recognition as a distinct and viable system, said the SBP. Meanwhile, the SBP inaugurated a two-day workshop on Islamic banking and finance on Monday for journalists to improve their understanding.
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