KARACHI: The Acting Governor of the State Bank of Pakistan (SBP), Dr. Murtaza Syed, said Islamic banking has a key role in the growth of the economy while it has been growing at a fast speed, particularly in Pakistan.

Dr. Syed was addressing the World Islamic Finance Forum (WIFF) held in Karachi on Tuesday. He said Islamic banking has an asset of $49 billion in the OIC countries.

He said Islamic banking has a central role in the growth of home financing in the country. He said that there is no doubt that Islamic banking is the future of banking. He said Islamic banking has a big role in the growth of the economy.

“1/2 To develop practical solutions on Sukuk structures specially Asset Light Sukuk Structures, #SBP is constituting a working group comprising SBP, SECP, MoF, PBA, Shariah Scholars and Centers of excellence in Islamic finance, says Dr. Murtaza Syed, Governor (A), at WIFF2022,” a tweet by the SBP read.

“2/2 Islamic banks face challenges due to irregular issuance of Sukuk. SBP is working with all stakeholders to ensure regular availability of Sukuk,” the SBP said in another tweet.

Published in Dawn, June 1st, 2022