Islamic Banking Department was established on 15th September,
2003 and has been entrusted with the huge task of promoting
& developing the Shariah Compliant Islamic Banking as a
parallel and compatible banking system in the country.
Islamic Banking is one of the emerging field in global financial
market, having tremendous potential and growing at a very fast
pace all around the world. Al-Hamdulillah, the progress of Islamic
Banking in Pakistan has also been commendable during the last
three years. Currently there are six licensed full fledged Islamic
Banks and twelve conventional banks with standalone Islamic
Banking Branches with the total branch network of over 140 branches
operating in twenty three cities of all the four provinces in
the country as of 01.01.2007 and applications for few more players
are under consideration. Islamic Banking is a high priority
area for State Bank of Pakistan. Steps are being taken to make
Islamic banking industry in Pakistan robust enough to offer
a viable alternative to conventional banking, should the market
decide that Pakistan should have an exclusively Islamic banking
system in the country.
State
Bank of Pakistan wants to develop a progressive and sound Islamic
banking system that is in line and compatible with the global
financial sector, providing innovative Shariah compliant products
and services so as to achieve equitable economic growth.
One
of the biggest challenges being faced by this growing industry
is the dearth of professional Islamic Bankers and capacity building
in this regard is one of the top most priorities for the promotion
of Islamic Banking. In order to play our regulatory and supervisory
role more efficiently we are working on the areas like Risk
Management, Corporate Governance, Prudential Regulations, Accounting
& Shariah Standards etc. regarding Islamic Banking
Currently
the Islamic Banking Department (IBD) consists of following four
divisions:
1.
Policy Division
2.
Shariah Compliance Division
3.
Business Support Division
4.Shariah
Board Secretariat