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Govt to set up separate division for Islamic banking: Miftah

KARACHI: Advisor to the Prime Minister on Finance and Economic Affairs Dr Miftah Ismail Monday said the Ministry of Finance would soon set up a separate division for increased support to the fast growing Islamic banking. A meeting of the Committee for Implementation of The Recommendations of Steering Committee for Promotion of Islamic Banking would…

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Government incentives boost Pakistan’s Islamic banks

Pakistan’s Islamic banks are introducing new products and adjusting policies to take advantage of government incentives designed to boost growth in the industry. Sharia-compliant banks in the country, the world’s second most populous Muslim nation, held 11.4 percent of total banking assets in June, barely changed from a year ago. That is well below levels…

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SBP widens Islamic banks’ benchmark requirements

KARACHI: State Bank of Pakistan has amended its regulations to exempt Islamic banks from using interest-based benchmarks for some of their financing products, the latest government step aimed at boosting Islamic finance. Despite a direct ban on charging interest, interest-based benchmarks are used as a pricing reference by a majority of Islamic banks, due in…

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