Islamic banking network crosses 4000 mark

KARACHI : The outreach of Islamic Banking Institutions (IBI) continues to grow in Pakistan and their branch network crossed 4,000 mark in the fourth quarter of fiscal year 2021-22 with the addition of 103 new branches across the country.

According to State Bank of Pakistan’s Islamic Banking Bulletin for the period April- June 2022, the number of Islamic banking windows reached 1,463 with the opening of 45 more dedicated counters at conventional branches by end June this year.

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However, the IBI composition remained the same with 22 Islamic Banking Institutions (IBIs), including 5 full-fledged Islamic Banks (IBs) and 17 Conventional Banks having Islamic Banking Branches (IBBs).

During the period under review, the branch network of IBI was recorded at 4,086 spread across 129 districts of the country.

The data showed that full-fledged Islamic Banks had 1,718 branches while conventional banks had 2,208 standalone Islamic Banking branches besides 1,463 Islamic banking windows at conventional branches while both the Islamic and conventional banks had 160 sub-branches as well.

The data further revealed that 2,025 Islamic Banking branches and widows were in province of Punjab, 1,107 in Sindh, 505 in Khyber Pakhtunkhwa, 204 in Islamabad, 155 in Balochistan, 58 in Azad Kashmir and 32 in Gilgit Baltistan.

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