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Tag Archives: Finance

Islamic banking has an ample scope in consumer financing

  Knowledge, attitude and practices of Islamic banking “Knowledge, Attitude and Practices of Islamic Banking in Pakistan” was the theme of a research survey conducted by the State Bank of Pakistan (SBP) which in fact was the driving force behind the eye catching growth of the banking sector. According to the survey there is an overwhelming demand for Islamic banking in the country that is evenly distributed amongst rural and …

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Growth of consumer financing in Pakistan: issues & challenges

  Consumer financing has emerged out as one of most prolific aspects of banking in Pakistan as its products including credit cards, personal loans, auto loans and housing mortgage getting prominence and likely demand. It not only contributes towards facilitating the life patterns of consumers, but proves to be a source of improvement for the image building of the banks. Banking sector dealing in consumer finance products has witnessed an …

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Keeping interest rates lower can woo foreign business

  With the monetary policy having been announced by the State Bank of Pakistan, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed their concern. The president of the FPCCI, Mr. Shaukat Ahmed was of the opinion that keeping the policy rate unchanged was not seen as a measure taken to implement policy rather it is an act of escapism; a means by which the necessary measures …

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The outlook of Islamic finance market

  Islamic finance during the past many decades has begun to progress in a great deal on the global front. Besides having the traditional Islamic finance markets in the Middle East, Western countries have also begun to see financial centers opening up. There is now more acceptance and recognition of this alternate financial system. The range and the scope of Islamic finance products over the years have also widened which …

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Growing Islamic finance industry

  Pakistan is a country where population is predominantly Muslim and the share if Islamic finance should have increased enormously by this time. The decision of State Bank of Pakistan (SBP) to let the two systems in parallel was good but the overall response of all the stakeholders, particularly the government has been lackluster. Bulk of the government borrowing from the local market has remained Riba-based, mainly through Treasury Bills …

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Growth in Islamic Finance surpasses conventional banking

  Islamic finance based on principals of Shariah provides an alternate to conventional banking. Islamic banking industry size is estimated to be $400 billion with potential to grow at minimum 15 percent to 20 percent globally per year, much faster than conventional financial institutions. This has been the same trend over the last 5 years since 2008. Islamic Banking assets globally are estimated to be $270 billion. The sukuk market …

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Islamic finance broadening horizon in the west

  When last year at the eve of World Islamic Economic Forum, British Prime Minister David Cameron announced a plan to issue $323 million sovereign sukuk, or Islamic bond, to attract new money to London, then his announcement not come out as a surprise for in and outside Muslim countries. No doubt, Islamic finance is naturally more popular among Muslims because of their religious beliefs, with Malaysia leading the rest …

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IBA establishes center for excellence in Islamic finance

  Dr. Ishrat Husain announced the establishment of the Centre for Excellence in Islamic Finance at IBA, with the objective of bridging the gap between trained human resource and industry’s growing requirement. The Centre will broadly perform in the areas such as offering degree programs in Islamic Finance, Conduct Research and case studies for enhancing and disseminating knowledge in Islamic Finance; offer short term open and customized executive courses for …

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Record-breaking car sales

  Since the introduction of car leasing and financing, vehicle sales in Pakistan have increased several times. All of this started in the beginning of this century as these loans made it easy for people to buy new or even used cars. This also sprung up new business like rent-a-car and renting cars became a cheaper and more viable business option. That’s the time when Pakistan’s automobile industry was booming …

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Remarkable growth of Islamic banking industry in Pakistan

  Deposit mobilization had been much easier in Islamic banking in Pakistan About 40 years ago, Islamic Finance was started to cater the needs of faith-based Muslims. Once looked at in the Arabian Gulf and Malaysia, the Islamic Finance market is evolving into a global one now. In the last decade, the Islamic Financial Sector has registered a growth of 20% per year, indicating it as one of the fastest …

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