KARACHI: Islamic Finance News (IFN), an arm of REDmoney Group, Malaysia, has declared the State Bank of Pakistan as the best central bank of 2021 across the world in promoting Islamic fina­nce, said a press release issued on Thursday.

The IFN Best Banks Poll is regarded as one of the prestigious accolades in the global Islamic finance space, said the SBP press release, adding that the Bank Negara Malaysia stood second while the Saudi Central Bank secured the third position.

The category of the best central bank in promoting Islamic finance is one of the closely fought contests among regulators competing for supremacy through exceptional advances made during the year.

The SBP is honoured to have won this award for the 5th time during the last seven years in 2015, 2017, 2018, and 2020.The award reflects international recognition of the strategic measures undertaken by SBP to put in place a robust policy environment for Islamic banking to prosper.

The SBP’s strategic plan 2021-25 envisages taking Islamic banking share of 30 per cent in terms of assets and 35pc in terms of deposits in the overall banking system.

The assets and deposits of the Islamic banking industry grew year-on-year by 28.2pc and 26pc, respectively, by September 30, 2021. Market share of Islamic banking assets and deposits stood at 17pc and 18.6pc, respectively, of the overall banking system.

Published in Dawn, January 14th, 2022

Opinion

Editorial

Yemen atrocity
Updated 23 Jan, 2022

Yemen atrocity

The sooner this war is ended, the better, to halt the suffering of Yemen's people and ensure security of all regional states.
23 Jan, 2022

Regressive taxation

THE FBR appears to have kicked up a new and unnecessary controversy by serving notices on currency dealers to ...
23 Jan, 2022

Medico-legal flaws

ON Friday, a 13-page verdict authored by Justice Ali Zia Bajwa of the Lahore High Court revealed a shocking fact...
Updating the economy
22 Jan, 2022

Updating the economy

GDP rebasing doesn’t make countries or people richer; it is just about updated data for policymakers to make informed decisions.
22 Jan, 2022

Covid curbs

CONSIDERING the steep rise in Covid-19 cases in the country over the past few days, the government decided on...
22 Jan, 2022

Cricket hope

SIX Pakistan players named across three teams of the year announced by the ICC is a testament to an uplifting 2021...