Deputy Governor SBP reinforces commitment for the growth of Islamic Banking

eputy Governor SBP reinforces commitment for the growth of Islamic Banking

Thursday, January 27, 2005

State Bank of Pakistan (SBP) Deputy Governor Tawfiq A. Husain reaffirmed the Central Bank’s committed initiative for the promotion of Islamic Banking in Pakistan. He was speaking at a seminar on "Islamic banking - A Complete Business Solution" organized by the Institute of Chartered Accountants of Pakistan (ICAP) and Meezan Bank.

Mr.Tawfiq highlighted the fact that the phenomenal growth of Islamic Banking in Pakistan has outpaced Islamic Banking of countries in the Middle East and Southeast Asia. He also emphasized on the due diligence taken by the SBP’s new Islamic Banking Department.

While Identifying the development of resources as a serious challenge to the growth of Islamic banking, he urged the introduction of more Shariah compliant products and the induction of more qualified Shariah advisors.

Other speakers at the seminar included Irfan Siddiqui, Najmul Hassan, and Zafar Ali Khan (Meezan Bank), along with Ahsan Saleem (CEO Crescent Steel & Allied Products Limited), as well as Ebrahim Sidat (CEO of Ford Rhodes Sidat Hyder & Co.)