{"id":75380,"date":"2021-04-06T11:51:59","date_gmt":"2021-04-06T06:51:59","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=75380"},"modified":"2021-04-06T11:52:05","modified_gmt":"2021-04-06T06:52:05","slug":"sbp-launches-five-year-plan-for-islamic-banking-sector","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-launches-five-year-plan-for-islamic-banking-sector.html","title":{"rendered":"SBP launches five-year plan for Islamic banking sector"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Karachi: The State Bank of Pakistan (SBP) recently launched the third five-year plan for Islamic banks, in order to expand the share of such banks in the overall banking industry in the coming five years, according to a news report published on April 6.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read: <\/strong><a rel=\"noreferrer noopener\" href=\"https:\/\/www.zameen.com\/news\/mou-signed-between-akhuwat-and-hbl.html\" target=\"_blank\">MoU signed between Akhuwat and HBL to promote Islamic home finance<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The aforementioned plan anticipates the share of Islamic banks to rise up to 35%, alongside the shares of small and medium enterprises (SMEs) and agriculture financing to 10% and 8% respectively, in the next five years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The SBP noted the massive potential and demand for Islamic banking as the industry has become a prominent sector in banking overall. Currently, 22 Islamic banking institutions (including 5 Islamic banks and 17 conventional banks with standalone Islamic banking branches) are offering products and services which adhere to Sharia, through a massive network of 3,456 branches and 1,638 dedicated counters across the country.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/pmrc-issues-sukuk-to-promote-housing-finance.html\" target=\"_blank\" rel=\"noreferrer noopener\">\u2018Innovative\u2019 sukuk issued to promote housing financing<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, the strategic plan lays down a direction for Islamic banking in order to reinforce the existing momentum, with particular focus on strengthening legal landscape, regulatory framework, Sharia governance and better liquidity management. Moreover, Islamic banks are encouraged to develop Sharia compliant products and services to better aid sectors in financial assistance, particularly SMEs and agriculture finance which were deemed essential for the growth of the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Lastly, SBP stated that it fully expects the Islamic Banking sector to become a vibrant and sustainable system in the coming years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Karachi: The State Bank of Pakistan (SBP) recently launched the third five-year plan for Islamic banks, in order to expand the share of such banks in the overall banking industry in the coming five years, according to a news report published on April 6. Read: MoU signed between Akhuwat and HBL to promote Islamic home finance The aforementioned plan anticipates the share of Islamic banks to rise up to 35%, alongside the shares of small and medium enterprises (SMEs) and agriculture financing to 10% and 8% respectively, in the next five years. The SBP noted the massive potential and demand for Islamic banking as the industry has become a prominent sector in banking overall. Currently, 22 Islamic banking institutions (including 5 Islamic banks and 17 conventional banks with standalone Islamic banking branches) are offering products and services which adhere to Sharia, through a massive network of 3,456 branches and 1,638 dedicated counters across the country. Read: \u2018Innovative\u2019 sukuk issued to promote housing financing Furthermore, the strategic plan lays down a direction for Islamic banking in order to reinforce the existing momentum, with particular focus on strengthening legal landscape, regulatory framework, Sharia governance and better liquidity management. Moreover, Islamic banks are&hellip;<\/p>\n","protected":false},"author":82,"featured_media":64432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15016],"tags":[27400,6066,21826],"persona":[],"class_list":["post-75380","post","type-post","status-publish","format-standard","has-post-thumbnail","category-new-developments","tag-banking-sector-and-monetary-affairs","tag-sbp","tag-shariah","cat-15016-id"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP launches five-year plan for Islamic banking sector - Zameen News<\/title>\n<meta name=\"description\" content=\"SBP recently launched the third five-year plan for Islamic banks, in order to expand the share of such banks in the next five years.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/sbp-launches-five-year-plan-for-islamic-banking-sector.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP launches five-year plan for Islamic banking sector - Zameen News\" \/>\n<meta property=\"og:description\" content=\"SBP recently launched the third five-year plan for Islamic banks, in order to expand the share of such banks in the next five years.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-launches-five-year-plan-for-islamic-banking-sector.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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