The fact that Islamic finance functions within a paradigm of transition does lead to some difficulty in assessing its legitimacy and its potential for achieving what it claims it can achieve. However, Islamic finance does not function outside the spatial and temporal modes of modernity. There is not an Islamic...
SME finance is beginning to take off in Pakistan. Net outstanding credit to the private sector in the country rose by Rs 559 billion in the eleven months ending May 2018. SME sector contributes around 40% to the national gross domestic product (GDP) in the country. According to the figures,...
The continent of Africa where Islamic banking was launched holds great potential which is now beginning to be realised. The First modern-day Islamic bank was founded in 1963 in the dusty aluminium town of Mit Ghamr, 80 kilometres north of Cairo. The Mit Ghamr Savings Bank offered the usual loan...
The main challenge for Islamic finance is to evolve products that prefer innovation over imitation'. Late-2007 saw the FIrst run on a British bank in living memory with various scandals severely damaging the trust and reputation of banks. Subsequently stakeholders across society started demanding a more socially responsible, ethical and...
The worth of worldwide Islamic financial assets leapt from half a million dollars in the 1970s to over one trillion USD by 2009. With an annual growth rate of around 14 per cent, assets have doubled over the past five years, and now exceed two trillion USD.1 Ernst &...
Financial sector plays a vital role in economic growth of any country. One of them is banking sector. It is a financial intermediary to manage funds and to channel savings and investments in financial securities. Stability and growth of economy is depending on stability of banking industry. Bank plays a...
Most of the Islamic Banks operate on Bai- Murabaha, Bai Muazzal, Bai- Salam, Istisna, Hire Purchase/ Leasing mode of Investment i.e. Islamic Banks always prefer to run on markup/ guaranteed profit basis having Sharia coverage. For this reason some times the conventional Economists and General people fail to understand the...
Agha Steel Industries Limited (ASIL) intends to issue OTC listed, rated and secured Sukuk upto PKR 5 billion (inclusive of Green Shoe option of PKR 1 billion) for a tenure of six (6) years inclusive of a grace period of 2 years, in order to fulfil its expansion plans...
 for the SDGs, Islamic finance has untapped potential as a substantial and non-traditional source of financing for the SDGs. The growth of Islamic finance has been rapid at 10-12% annually over the past two decades. By 2017, the industry had surpassed US$1.90 trillion in size. Islamic finance has emerged as...
The Securities and Exchange Commission of Pakistan (SECP) has notified the adoption of three Shariah standards of the Accounting and Auditing Organization The SECP has been playing a highly proactive role in providing an enabling legal and regulatory environment for the growth of Islamic finance in the country. Geared towards...
State Bank of Pakistan has just kept its policy rate at 6% for April and May 2018 i.e. before coming elections and budget announcement on the backing 0f achieving an eleven-year high growth rate with average headline inflation within comfortable bounds for FY18 and FY19. This high growth and...