25 March 2021: Islamic banks post robust growth
Despite Covid-19, Islamic banking maintained a strong growth in 2020 as the government borrowed over Rs700 billion from Shariah-compliant banks during the year to partly finance its budget deficit and to reduce circular debt in the energy sector.
Overall assets and deposits of the Islamic banking industry showed tremendous growth of 30% and 28% respectively in 2020.
“This is the highest increase in assets in a year since 2012 and deposits since 2015. Over the last five years, both assets and deposits of the Islamic banking industry have more than doubled,” State Bank of Pakistan (SBP) reported on Wednesday.
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