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To make Islamic banking the banking of first choice
for the providers and users of financial services.
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Mission Statement |
To promote and develop Islamic Banking industry in line
with best international practices, ensuring Shariah
Compliance and transparency.
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Introduction |
Islamic Banking Department was established on 15th September,
2003 and has been entrusted with the 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 Five 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 336 branches
operating in more than 50 cities of all the four provinces
and Azad Kashmir in the country as of 17.07.2008 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.
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Departmental
Objectives: |
a) Drive and Implement the Strategic Plan for Islamic banking
industry
b) Strengthen the existing regulatory framework for Islamic
Banking Industry
c) Strengthen and broaden the scope and functioning of SBP Shariah
Board through inclusion of more members and engaging of consultants
of international repute
d) Arrangement of IFSB events, particularly Council and Technical
Committee meetings, alongwith the side events in Pakistan in
November, 08
e) Leverage from/support the efforts of IFSB, IDB/IRTI, AAOIFI,
IIFM and other international institutions for promotion of Islamic
banking in Pakistan
f) Coordination with BPRD regarding licensing of full fledged
Islamic Banks (IBs) and their branches and Islamic Banking Branches
of conventional banks (IBBs) and formation of Islamic banking
subsidiaries
g) Coordination with BID for Shariah compliance inspection of
IBIs and proper compliance of the observations/recommendations
of inspection report (regarding Shariah Compliance)
h) Utilizing SBP-SECP Joint Forum for the promotion of Islamic
financial industry
i) Support industry players in development of Shariah-compliant
liquidity management instruments
j) Utilizing the Shariah Advisor Forum for conflict resolution
and for discussion on AAOIFI Shariah Standards for their adoption
in Pakistan
k) Conduct awareness programme within and outside SBP to eliminate
the misconceptions and to develop the confidence of the public
about Islamic banking
l) Publication of Islamic Banking Bulletin (IBB) and Islamic
Banking System review (IBSR) and facilitate different departments
in preparing various SBP publications
m) Human resource capacity building in the Islamic banking industry
through coordination with educational institutes
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Rules and Regulations for Islamic Banking |
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on Islamic Banking |
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Strategic Plan for Islamic
Banking Industry
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SBP Governor’s
Speeches on Islamic Finance
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Frequently
Asked Questions (FAQs)
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Publications
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Articles
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Events
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Contact Details of Department officials
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| +Miscellaneous
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