Islamic banking is gaining popularity in Pakistan.
Addressing a ceremony, Governor State Bank Jamil Ahmed said that the assets of Islamic banks have reached Rs 1.15 trillion for the first time in history, which is 30 percent of the total assets of the banking industry.
He added that the share of Islamic banks in the total deposits of the banking industry has increased to 25 percent, while the number of branches of Islamic banks across the country has exceeded 8,000.
On the other hand, scholars Mufti Muneeb-ur-Rehman and Maulana Bashir Farooqui reminded the government to implement the deadline given to abolish the interest system.
They stressed that the interest-free system should be fully implemented soon as there is little time left for its deadline.
The Council of Islamic Ideology has also recommended that Hajj, Zakat, and Auqaf funds be kept only in Islamic banks so that complete avoidance of interest is possible.
