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SBP named best Central Bank in Promoting Islamic Finance

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LAHORE: State Bank of Pakistan (SBP) has won the global award as the
best Central Bank in promoting Islamic finance for the year 2018. The
coveted award is conferred by Islamic Finance News (IFN), an arm of
REDmoney Group, Malaysia. IFN Best Banks Poll is regarded as one of
the most prestigious accolades in the Islamic finance industry.
The IFN Award as the best central bank for promotion of Islamic
finance is the global endorsement of SBP initiatives for promotion of
Islamic banking in the country.
The award reflects an international recognition of the strategic
measures which SBP is undertaking to put in place a robust policy
environment for Islamic banking to prosper.
The category of the Best Central Bank in Promoting Islamic Finance is
always one of the most closely fought contests with regulators
battling for the supremacy through exceptional advances made, during
the year, in the field of regulation and standardization. SBP is
honored to have won this award for the third time in last four years.
Previously, SBP was
bestowed with this coveted award earlier in 2015 and 2017.
Islamic banking industry in Pakistan has witnessed an impressive
growth in 2018 with its assets reaching 12.9% of banking sector and
deposits accounting for 14.8% of the total banking industry deposits.
“The support of Pakistan’s central bank is driving progress in the
wider Islamic banking sector, and the country’s Shariah compliant
institutions are posting
impressive results”, IFN quoted.
It may be noted that the last year continued to see growing interest
from the players wherein industry footprints kept on enlarging with
two new institutions getting license to offer Islamic banking products
and services. SBP also introduced Shariah compliant version of Long
Term Financing Facility (LTFF) enabling Islamic banking customers to
avail subsidized
financing from Islamic banks for setting up export oriented projects.
Certain measures were also undertaken to augment the regulatory
framework for Islamic banking industry besides taking initiatives for
enhancing capacity levels to facilitate development of human resource
for this ever growing market.
It is pertinent to mention that Islamic banking industry in Pakistan
is also receiving continued support of the Government of Pakistan.

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