Islamic banking achieves highest growth since 2015

The Islamic banking industry (IBI) has achieved the highest year-on-year growth in assets and deposits since 2015 increasing the market share in the overall banking industry to 17pc and 18.7pc, respectively.

The State Bank of Pakistan (SBP) in its latest bulletin for April-June quarter reported that assets and deposits of IBI grew 32 per cent and 29.7pc, respectively.

The assets expanded by Rs408 billion to Rs4,797bn and deposits grew by Rs365bn to Rs3,822bn by June 30, 2021.