Islamic Banking Transformation in Pakistan: Opportunities and Challenges

The State Bank of Pakistan reported that the share of Islamic banking in the overall banking industry increased from 2.3% in 2003 to 17.6% in 2021. This growth has been supported by the State Bank of Pakistan’s initiatives, such as the issuance of Islamic banking regulations and the establishment of the Shariah Board. Pakistan has also become a leading player in the global Islamic finance industry, ranking third in the Global Islamic Finance Report’s list of top Islamic finance countries in 2020.

The Islamic banking industry in Pakistan has undergone significant transformation in recent years, with the sector now accounting for more than 16% of the country’s banking assets. The adoption of Islamic finance principles in Pakistan has led to the establishment of new institutions and products, as well as the growth of existing institutions, all of which have contributed to the expansion of the sector. Temenos in collaboration with NdcTech is pleased to host this event which will explore the opportunities and challenges presented by the transformation of Islamic banking in Pakistan.

The event will take place on the 13^th of June 2023 at the Karachi Marriott Hotel, this event brings together experts to discuss the exciting growth of Islamic banking in Pakistan. Join your peers and get a chance to learn about the future of Islamic banking in Pakistan from our industry leaders.

Event Objectives

– To provide an in-depth analysis of the current state of Islamic banking in Pakistan including its market size, growth trajectory, and prospects.

– To explore the opportunities presented by the growth of Islamic banking in Pakistan, including new products and services, and increased access to finance for underserved segments of society.

– To identify and assess the challenges facing the Islamic banking sector in Pakistan, including regulatory and compliance issues, need for talent development and capacity building, and the need for standardization in Islamic finance practices.

– To formulate effective strategies aimed at tackling the challenges faced by the Islamic banking industry in Pakistan and fostering its growth and development.

– To highlight the role of technology in driving innovation and growth in Islamic banking and discuss how these technologies can be leveraged to improve access to Islamic finance and enhance customer experience.

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