26/06/2022
welcomes FSC decision and seeks guidance from the Shariat Appelate Bench of Supreme Court regarding implementation of Federal Shariat Court’s Judgement of 28April22 on Riba case.
As prime custodian and regulator of financial and monetary framework of Islamic Republic of Pakistan, SBP is deeply committed to ensuring compliance with injunctions of Islam, in particular those pertaining to riba, while protecting stability and security of financial sector.
SBP has always remained at the forefront in promoting Islamic banking in the country. SBP is among the few regulators across the globe where comprehensive legal, regulatory and Shariah Governance frameworks have been successfully developed and implemented.
Currently, 22 Islamic Banking Institutions (5 full- fledged IBs and 17 conventional banks having standalone IB branches) with a network of 3,983 branches along with 1,418 IB windows/counters at conventional branches are operational across the country.
The Islamic Banking Industry now accounts for 19.4% of the country's overall banking system in terms of assets while in terms of deposits the share is 20% as of March 31, 2022.
See PR:https://www.sbp.org.pk/press/2022/Pr-25-Jun-2022.pdf
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