{"id":81369,"date":"2021-11-12T10:14:51","date_gmt":"2021-11-12T05:14:51","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=81369"},"modified":"2021-11-12T10:31:31","modified_gmt":"2021-11-12T05:31:31","slug":"sbp-digital-islamic-banking-system","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/sbp-digital-islamic-banking-system.html","title":{"rendered":"SBP governor emphasises need of digital Islamic banking system"},"content":{"rendered":"\n<p>&nbsp;Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday (November 10) said that the Islamic banking system needs to update and digitise its services and products to increase the outreach and ensure inclusive banking sector, news sources reported. According to Baqir, the Islamic banking system has a vast untapped potential in all Islamic countries where a large population lacks bank accounts.&nbsp; <\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-launches-five-year-plan-for-islamic-banking-sector.html\" target=\"_blank\" rel=\"noreferrer noopener\">SBP launches five-year plan for Islamic banking sector<\/a><\/p>\n\n\n\n<p>Speaking at the 15th Islamic Finance Services Board (IFSB) meeting in Saudi Arabia, titled &#8216;Digital Transformation of Islamic Financial Services: Opportunities, Challenges, and Policy Implications,&#8217; Baqir said that Islamic banking has not grown to the level that it should have.&nbsp; Furthermore, he stated that by establishing specialised Sharia and regulatory standards organisations relating to fintech and digital banking, Islamic banking will be able to reach a broader segment of society. He also discussed SBP banking-related initiatives, including the Payment Systems Strategy (PSS), a digital onboarding framework for customers and merchants. <\/p>\n\n\n\n<p> <strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-expand-islamic-banking-window-operations.html\">SBP a<\/a><a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-expand-islamic-banking-window-operations.html\" target=\"_blank\" rel=\"noreferrer noopener\">l<\/a><a href=\"https:\/\/www.zameen.com\/news\/sbp-allows-banks-expand-islamic-banking-window-operations.html\">lows banks to expand Islamic Banking Window operations<\/a><\/p>\n\n\n\n<p>Similarly, products such as <a href=\"https:\/\/www.zameen.com\/news\/hbl-islamic-banking-gets-on-board-with-nphda.html\" data-type=\"post\" data-id=\"64409\" target=\"_blank\" rel=\"noreferrer noopener\">Roshan Digital Accounts (RD<\/a>A) are being developed to provide new banking options to millions of <a href=\"https:\/\/www.zameen.com\/news\/sbp-wants-islamic-banks-to-help-govt-with-nphp.html\" data-type=\"post\" data-id=\"45580\" target=\"_blank\" rel=\"noreferrer noopener\">non-resident Pakistanis (NRPs<\/a>).&nbsp; Furthermore, he stated that international standards bodies such as the Accounting and Auditing Organization for Islamic Financial Institutions and the IFSB are needed. This would be critical for the rapid expansion of the global Islamic financial industry, he opined.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp;Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday (November 10) said that the Islamic banking system needs to update and digitise its services and products to increase the outreach and ensure inclusive banking sector, news sources reported. According to Baqir, the Islamic banking system has a vast untapped potential in all Islamic countries where a large population lacks bank accounts.&nbsp; Read: SBP launches five-year plan for Islamic banking sector Speaking at the 15th Islamic Finance Services Board (IFSB) meeting in Saudi Arabia, titled &#8216;Digital Transformation of Islamic Financial Services: Opportunities, Challenges, and Policy Implications,&#8217; Baqir said that Islamic banking has not grown to the level that it should have.&nbsp; Furthermore, he stated that by establishing specialised Sharia and regulatory standards organisations relating to fintech and digital banking, Islamic banking will be able to reach a broader segment of society. He also discussed SBP banking-related initiatives, including the Payment Systems Strategy (PSS), a digital onboarding framework for customers and merchants. Read: SBP allows banks to expand Islamic Banking Window operations Similarly, products such as Roshan Digital Accounts (RDA) are being developed to provide new banking options to millions of non-resident Pakistanis (NRPs).&nbsp; Furthermore, he stated that international&hellip;<\/p>\n","protected":false},"author":84,"featured_media":76276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20385],"tags":[49460,49458,49459],"persona":[],"class_list":{"0":"post-81369","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-development-projects","8":"tag-islamic-banking","9":"tag-sbp-governor-emphasises-need-of-digital-islamic-banking-syste","10":"tag-sbp-islamic-banking-sectorn","11":"cat-20385-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SBP governor emphasises digital Islamic banking system- Zameen News<\/title>\n<meta name=\"description\" content=\"&nbsp;Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday (November 10) said that the Islamic banking system needs to update and\" \/>\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-digital-islamic-banking-system.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SBP governor emphasises digital Islamic banking system- Zameen News\" \/>\n<meta property=\"og:description\" content=\"&nbsp;Karachi: State Bank of Pakistan (SBP) Governor Dr Reza Baqir on Wednesday (November 10) said that the Islamic banking system needs to update and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/sbp-digital-islamic-banking-system.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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