Author: Hadia Zahid

Islamic Banking in Pakistan: A Transformative Journey Islamic banking in Pakistan has witnessed significant growth, with market share increasing from 14.9% in 2019 to 19.6% in September 2023. The sector comprises 22 Islamic financial institutions, including six full-fledged Islamic banks and 16 Islamic banking divisions within conventional banks, operating across 131 districts. The addition of 107 new Islamic banking branches brought the total to 4,534, with 1,834 Islamic banking counters. This ethical banking system, rooted in Shariah law, prohibits interest and speculative activities, promoting fairness and transparency. Contrary to common myths, Islamic banking is not exclusive to Muslims, is profitable,…