ISLAMABAD: Assets of the Islamic banking industry grew 91 per
cent to Rs1.6 trillion in 2016 from Rs837 billion in 2012.
Accounting for 11.7 per cent of the total banking sector, the
Islamic banking assets in the non-bank financial institutions (NBFIs) witnessed
even stronger growth during the last fours years.
Two reasons that help explain this growth are demand from
customers and enabling regulations by the Securities and Exchange Commission of
Pakistan (SECP) and the State Bank of Pakistan (SBP), Usman Hayat, head of the
SECP’s Islamic Finance Department, observed.
Addressing a seminar on Saturday, Mr Hayat said that developing
an Islamic capital market is a priority of the regulator, while there is a
strong demand from the depositors too.
Two consultation sessions were held by the corporate sector
regulator with market participants to facilitate issuance of sukuk (Islamic
bonds) and the Real Estate Investment Trust (REIT).
The participants were informed that the SECP was analysing the
industry proposals and it will consider making appropriate amendments to the
relevant regulations, further reducing the cost and hassle for both issuers and
investors.
The industry proposals pertaining to tax issues regarding sukuk
and REIT are being referred to the FBR.
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