The awareness about Islamic banking and its great acceptability has led to greater penetration with more Islamic bank branches sprouting all across the country. This improved pace took the value of deposits of the Islamic banking industry to a Rs.2 trillion by end of June 2018.
The public is now more relying on Sharia financing and corporations, as well as masses, are preferring to keep their money in Islamic banks either in full-fledged Islamic banks or Islamic banking branches of conventional banks.
According to State Bank of Pakistan, the deposits of Islamic Banking Industry surged to Rs. 2.033 trillion by end of June 2018. The market share of Islamic banking industry’s deposits in overall banking industry’s deposits increased to 14.8 percent by June.
The breakup of deposits among full-fledged Islamic banks and Islamic banking branches of conventional banks reveals that deposits of full-fledged Islamic banks increased to stand at Rs. 1.214 trillion by June 2018. Similarly, deposits of Islamic banking branches of conventional bank reached to Rs. 819 billion.
The share of full-fledged Islamic banks and Islamic banking branches of conventional banks in overall deposits of Islamic banking industry stood at 59.7 percent and 40.3 percent, respectively.
Further, the asset base of the Islamic banking industry surged to Rs. 2.482 trillion. Islamic banks financing to various clients surged to Rs. 555 billion.