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SBP says Islamic Finance industry reaches $ 1.8tr in 40 years, to set up CEIFE after varsities’ proposals

SBP says Islamic Finance industry reaches $ 1.8tr in 40 years, to set up CEIFE after varsities’ proposals

KARACHI: The External Relations Department of State Bank of Pakistan has announced that the SBP will set up the Centre of Excellence in Islamic Finance Education (CEIFE) after getting proposals from the HEC certified universities having business schools.

Addressing an opening ceremony of proposals received to establish a CEIFE, Finance Minister Ishaq Dar expressed his pleasure on the efforts being made to increase the radius of Islamic banking and finance.

“I would like to extend my special appreciation to the State Bank of Pakistan for supporting such initiatives. I am optimistic that this Centre will further strengthen the foundations of Islamic finance in the country through rigorous research and by addressing the challenge of the dearth of human resources,” he said.

The size of Islamic finance industry had reached US$ 1.8 trillion in last four decades, SBP Governor Ashraf Mahmood Wathra. As per experts, Globally, Shariah compliant assets are expected to grow 15-20% annually and financial assets are likely to hit the milestone of US$5 trillion by 2020. If talk about Pakistan, by the end of 2018, share of Islamic Banking in overall banking industry will be 15$ that is currently 10%.