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Pakistan’s Islamic banking push faces industry gaps |
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October 17, 2014, 12:13:48 AM |
ISLAMABAD: Pakistan’s central bank has released a study of Islamic banking, the first of its kind in the country, which shows latent demand for shariah-compliant finance but many obstacles such as small branch networks and a lack of product awareness among consumers.
Consumer outreach, rural banking and the need for stand-alone Islamic banks are among issues that must be addressed if the industry is to reach a regulatory target of 15 per cent of total banking assets, from under 10pc now, the study said.
Study, based on a nationwide survey of 9,000 households and 1,000 companies, confirmed widespread consumer acceptance of the ban on interest payments which underpins Islamic finance. Read more |
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