KARACHI, Oct 5: Arab investors have lined up Rs35 billion to invest in Pakistan’s banking and industrial sector through Shariah complaint financing over next six to eight months.

Ashar M. Nazim, CEO Islamic Capital Partners, said on Friday in a statement that Islamic banking has geared up its effort to increase its operation in Pakistan.

He said as of September 2007, direct investment in Pakistan’s Islamic banking industry is in excess of Rs20 billion.

He said more foreign investors were willing to invest in Islamic Banking and industrial sector through Shariah compliant financing.

Prominent Shariah compliant investors that have expressed their interest include Dubai Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Saudi Economic and Development Company, National Bank of Dubai, Rayyan Bank, Ithmar and Al Noor amongst others.

Mr. Nazim said several other institutions are in the process of finalising their investment plans for Pakistan. Investors are especially eager to invest in corporate sector that are expanding in Pakistan. These investors have plans to set up regional operations.

He disclosed that a number of foreign investors are expected to visit Pakistan in the next month to assess the potential and opportunities for their investment.

They will attend “Investors Forum” in Karachi during the third WorldAsia Islamic Banking Conference.

The 3rd WorldAsia Islamic Capital conference seeks to bring together the policymakers, bankers, corporate, Shariah scholars and professionals from the local and regional markets to discuss the current positioning of the Islamic capital industry and challenges for future growth.