If the money is short and you’re going through hard time and you have to pay some late fees or any overdraft charges and bills, obviously it’s a pathetic situation BUT WAIT! You’re not alone! Whenever you’ll face such kind of situation the payday loans is always there to support your short term financial crisis. You will get a quick loan within two hours of loan application to meet your urgent financial needs…sounds good!? Loan will be deposited to your checking or saving account so you don’t have to leave the comfort of your home to go and apply for the loan.
Payday loans are helping people to come back from their current weak financial position so they don’t have to disturb their routine to meet unexpected expenses. One really good thing I felt about these payday loans is that anyone can be qualified who meets the minimal requirements such as you have to be US Citizen and must be 18 or older. And you are receiving or earning a regular income of at least $1,000 per month and holding a valid account as mentioned above, with direct deposit. Another great deal is that you don’t have to worry about your bad credit because to approve your loan they do not perform credit checks…bingo!
I think now you are feeling relax with their great offer – NO? Worried about the misuse of personal information? Just Kickback! You don’t need to fax your details. They will get all the necessary details through the website using a SSL (Secure Socket Layer) connection. Let me remind you payday loans will only finance you for the short term until your next pay day and is not suitable for continuous financial problems. However, your loan can be extended upon your request before the maturity date. You can read FAQ’s section on the website and also contact their friendly customer service representatives, always ready to help you in your hard time.
Showing posts with label Banking and Finance. Show all posts
Showing posts with label Banking and Finance. Show all posts
Friday, December 10, 2010
Friday, November 28, 2008
Islamic Credit Cards
All forms of banking contain several risks that pose a challenge to banks and management authorities. Islamic banks, like other conventional banks, are financial institutions providing services to depositors and investors and financing companies, public sectors and individuals. Therefore, Islamic banks are subject to the risks similar to those confronted by conventional banks. While Islamic banking has been around for several decades, originating from groundbreaking efforts from the Bahrain, Malaysia, Iran, Sudan and Egypt. At the foundation of Shariah compliance there are two concepts of profitability in Islamic banking: profit and loss sharing and mark-up. Islamic banking is based on the totally Riba (interest) free and there is no transaction involving the interest. In the profit and loss sharing the rate of return on the financial assets is either not known or fixed before the undertaking; in case of mark-up the purchase-resale transaction is determined with reference of the benchmark rate of return. Profit share involves the bank’s ability to secure a high return arises from its own investment decision and input post-investment. By comparison, in conventional banking the borrower of the money become responsible for the entire risk. Poor investment decisions by the bank have a direct bearing on the returns gained by depositors, as the rate of return is determined by the profit-and-loss sharing ratio.
Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure.
Moving from evolutionary stage, institutions are structuring and offering a wide range of financial instruments and exploiting new modes of financing and market. On consumer financing side, Islamic credit card based on tawarruq offers all features of a credit card, easy purchases and repayments through a series of commodity transactions. Islam allows the use of credit card so long it does not engage the factor of usury. As an example if the withdrawing cash advance from the credit facility will result payment of an interest, it is forbidden. In the same way if there is an additional interest charge due to delay in payment, it is forbidden also. Therefore, if the credit card works as a charge card, where you only pay the principle amount that you use plus the service charges, it is permitted. However, there are certain questions still to be answered; how does Islam accept the role of credit card as a medium of payment? What are the underlying principles required by Shariah in the functionality of credit card? What would be the possible legal issues and how Islam addresses these issues? What are the differentiation factors in the Islamic credit cards?
Credit cards concept is allowed by the Shariah, if it does not involve the element of usury because 'Allah (SWT) permitted sale and prohibit usury'. AmBank Bank Berhad offered Islamic Credit Card in Malaysia called Al-Taslif and it was launched in 1992. Shariah concept of Bai Inah is being used in Malaysia for issuing Islamic credit cards. Bai Inah is defined as back-to-back sale and purchase transactions entered into, whereby in the first transaction, the bank sells items to the customer on a deferred payment basis keeping some profit. In the second transaction, the bank will repurchase the same asset from the customer at purchase price, which is lower than the selling price, on cash basis (card’s limit), and the difference between the purchase and the selling price is the bank’s ceiling profit. Now ABC Islamic Bank has launched its Islamic credit card named Al Buraq in Bahrain. Maybank Islamic has also rolled out its lkhwan Card, new Islamic credit card series. The cards feature either the international cards franchise of American Express or Visa International. Similarly, Dubai Islamic Bank (DIB) has also launched its first Islamic credit card with the support of Card Tech Limited, a leading UK-based bankcard systems provider and processor.
The expert, who specializes in Islamic law and transactional jurisprudence, considers that the burden of the responsibility belongs to the banks’ Shariah committees that support banks to offer such services which are commonly prohibited by the majority of present-day Muslim scholars. Most banks offering credit cards do so with the purpose of getting interest - which is sternly and clearly prohibited by Islam.
The expert went on to warn people against falling into the trap of the supposed Shariah-compliant cards which begin effectual advertising campaigns nowadays. Moreover, the only Shariah-compliant credit cards are the charge cards which only a limited number of banks offer.
In the meantime, the Shariah committees in banks have issued their defenses in the face of the charges leveled against them and the debate is still ongoing. The expert also explained that credit cards represent a guarantee by the bank to the customer, particularly in places such as hotels which rely more on credit cards than they do on cash.
Looking beyond domestic shores, the Islamic cards based on the Bai Inah concept might not be able to penetrate the Gulf markets, which insist that Bai Inah is not a sufficiently strong basis for issuing Islamic cards. The Banker reported that the concept is ethically flimsy when applied in this manner as the sale transacted is a fake sale and thus, just a means of masking riba. Therefore, the structure or basis for Malaysian Islamic cards has been criticized for not being wholly Shariah compliant as compared to Islamic cards issued by Bahraini banks.
The conflict boils down to differences of belief. There are many interpretations within Islam on what is acceptable, given that the schools of thought on Shariah law are not homogenous. However, local Islamic bankers have referred this conflict to the National Shariah Advisory Board, which ruled that the Bai Inah transaction is indeed acceptable. Malaysia follows the Shafie school of madzhab, which approves the Bai Inah transaction for Islamic cards as it conforms to all the essential elements of a valid sale.
The Islamic cards, like their conventional cousins, are tied to international payment systems companies such as MasterCard and Visa, therefore they offer international recognition and access to ATMs worldwide.
The future of Islamic cards is indeed bright in Malaysia as there is demand for it. The market for Islamic cards is huge and growing in response to the government’s urge to introduce more Islamic financial products in Malaysia. It will take a while for consumers to understand the structure of the products, but once they see and appreciate them, the growth rate of the Islamic products is going to be even better. There is a substantial Muslim population in Malaysia and a number of them seek Shariah compliant products and services. As an aggressive promoter of Islamic banking and finance, AmIslamic Bank is optimistic about the demand for Islamic products including Al-Taslif Card.
Islamic credit cards are emerging tool for the Islamic banking profitability. Now Islamic cards are widely used in Gulf and the popularity is increasing but different banks uses different laws and rules to support their activities. However, in Pakistan the concept of Islamic credit cards is not introduced yet. There is need of one common rule for the Islamic credit cards to solve the controversy and make it a useful tool for the Islamic banking era.
Source: pakistanbanks.org, islamicfinanceupdates.wordpress.com
Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure.
Moving from evolutionary stage, institutions are structuring and offering a wide range of financial instruments and exploiting new modes of financing and market. On consumer financing side, Islamic credit card based on tawarruq offers all features of a credit card, easy purchases and repayments through a series of commodity transactions. Islam allows the use of credit card so long it does not engage the factor of usury. As an example if the withdrawing cash advance from the credit facility will result payment of an interest, it is forbidden. In the same way if there is an additional interest charge due to delay in payment, it is forbidden also. Therefore, if the credit card works as a charge card, where you only pay the principle amount that you use plus the service charges, it is permitted. However, there are certain questions still to be answered; how does Islam accept the role of credit card as a medium of payment? What are the underlying principles required by Shariah in the functionality of credit card? What would be the possible legal issues and how Islam addresses these issues? What are the differentiation factors in the Islamic credit cards?
Credit cards concept is allowed by the Shariah, if it does not involve the element of usury because 'Allah (SWT) permitted sale and prohibit usury'. AmBank Bank Berhad offered Islamic Credit Card in Malaysia called Al-Taslif and it was launched in 1992. Shariah concept of Bai Inah is being used in Malaysia for issuing Islamic credit cards. Bai Inah is defined as back-to-back sale and purchase transactions entered into, whereby in the first transaction, the bank sells items to the customer on a deferred payment basis keeping some profit. In the second transaction, the bank will repurchase the same asset from the customer at purchase price, which is lower than the selling price, on cash basis (card’s limit), and the difference between the purchase and the selling price is the bank’s ceiling profit. Now ABC Islamic Bank has launched its Islamic credit card named Al Buraq in Bahrain. Maybank Islamic has also rolled out its lkhwan Card, new Islamic credit card series. The cards feature either the international cards franchise of American Express or Visa International. Similarly, Dubai Islamic Bank (DIB) has also launched its first Islamic credit card with the support of Card Tech Limited, a leading UK-based bankcard systems provider and processor.
The expert, who specializes in Islamic law and transactional jurisprudence, considers that the burden of the responsibility belongs to the banks’ Shariah committees that support banks to offer such services which are commonly prohibited by the majority of present-day Muslim scholars. Most banks offering credit cards do so with the purpose of getting interest - which is sternly and clearly prohibited by Islam.
The expert went on to warn people against falling into the trap of the supposed Shariah-compliant cards which begin effectual advertising campaigns nowadays. Moreover, the only Shariah-compliant credit cards are the charge cards which only a limited number of banks offer.
In the meantime, the Shariah committees in banks have issued their defenses in the face of the charges leveled against them and the debate is still ongoing. The expert also explained that credit cards represent a guarantee by the bank to the customer, particularly in places such as hotels which rely more on credit cards than they do on cash.
Looking beyond domestic shores, the Islamic cards based on the Bai Inah concept might not be able to penetrate the Gulf markets, which insist that Bai Inah is not a sufficiently strong basis for issuing Islamic cards. The Banker reported that the concept is ethically flimsy when applied in this manner as the sale transacted is a fake sale and thus, just a means of masking riba. Therefore, the structure or basis for Malaysian Islamic cards has been criticized for not being wholly Shariah compliant as compared to Islamic cards issued by Bahraini banks.
The conflict boils down to differences of belief. There are many interpretations within Islam on what is acceptable, given that the schools of thought on Shariah law are not homogenous. However, local Islamic bankers have referred this conflict to the National Shariah Advisory Board, which ruled that the Bai Inah transaction is indeed acceptable. Malaysia follows the Shafie school of madzhab, which approves the Bai Inah transaction for Islamic cards as it conforms to all the essential elements of a valid sale.
The Islamic cards, like their conventional cousins, are tied to international payment systems companies such as MasterCard and Visa, therefore they offer international recognition and access to ATMs worldwide.
The future of Islamic cards is indeed bright in Malaysia as there is demand for it. The market for Islamic cards is huge and growing in response to the government’s urge to introduce more Islamic financial products in Malaysia. It will take a while for consumers to understand the structure of the products, but once they see and appreciate them, the growth rate of the Islamic products is going to be even better. There is a substantial Muslim population in Malaysia and a number of them seek Shariah compliant products and services. As an aggressive promoter of Islamic banking and finance, AmIslamic Bank is optimistic about the demand for Islamic products including Al-Taslif Card.
Islamic credit cards are emerging tool for the Islamic banking profitability. Now Islamic cards are widely used in Gulf and the popularity is increasing but different banks uses different laws and rules to support their activities. However, in Pakistan the concept of Islamic credit cards is not introduced yet. There is need of one common rule for the Islamic credit cards to solve the controversy and make it a useful tool for the Islamic banking era.
Source: pakistanbanks.org, islamicfinanceupdates.wordpress.com
Thursday, November 27, 2008
Profitability in Islamic Banking
Introduction
All forms of banking contain several risks that pose a challenge to banks and management authorities. Islamic banks, like other conventional banks, are financial institutions providing services to depositors and investors and financing companies, public sectors and individuals. Therefore, Islamic banks are subject to the risks similar to those confronted by conventional banks. While Islamic banking has been around for several decades, originating from groundbreaking efforts from the Bahrain, Malaysia, Iran, Sudan and Egypt. According to McKinsey & Co, a management consulting firm, the value of Islamic banking industry is around some $750bn with over 300 dedicated institutions and thousands of Shariah-compliant banking service windows operating in more than 75 countries. Islamic banking and financing has gained a strong grip both nationally in Muslim countries and internationally in the financial world. Regular degree programs are also being offered at the university level almost in all parts of the world.
Profitability Concepts
At the foundation of Shariah compliance there are two concepts of profitability in Islamic banking: profit and loss sharing and mark-up. Islamic banking is based on the totally Riba (interest) free and there is no transaction involving the interest. In the profit and loss sharing the rate of return on the financial assets is either not known or fixed before the undertaking; in case of mark-up the purchase-resale transaction is determined with reference of the benchmark rate of return. Profit share involves the bank’s ability to secure a high return arises from its own investment decision and input post-investment. By comparison, in conventional banking the borrower of the money become responsible for the entire risk. Poor investment decisions by the bank have a direct bearing on the returns gained by depositors, as the rate of return is determined by the profit-and-loss sharing ratio.
Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure. The various Islamic financial products practiced in different parts of the world are described below.
Mudarabah
Mudarabah is a kind of contract in which one partner provide money to another partner for investing it in any commercial enterprise. The investment comes from the first partner who is called "rabb-ul-mal", while the management and work is an exclusive responsibility of the other, who is called "mudarib". In this contract bank finance the customer and share the profit or loss.
Murabahah
Murabahah is actually a term of Islamic Fiqh and it refers to a particular kind of sale having nothing to do with financing in its original sense. If a seller agrees with his purchaser to provide him a specific commodity on a certain profit added to his cost, it is called a "murabahah" transaction.
Most of the Islamic banks and financial institutions are using "Murabahah" as an Islamic mode of financing, and most of their financing operations are based on "Murabahah". That is why this term has been taken in the economic circles today as an instrument of banking operations, while the original concept of "Murabahah" is different from this assumption.
Musharkah
'Musharakah' is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Therefore, 'Musharakah' can play a vital role in an economy based on Islamic principles. The proportion of profit to be distributed between the partners must be agreed upon at the time of affecting the contract. If no such proportion has been determined, the contract is not valid in Shariah.
In spite of all the benefits, Musharakah is almost nonexistent in the Islamic banking and finance markets due to various complexities.
Salam
Salam is a sale whereby the seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot.
This mode of financing can be used by the modern banks and financial institutions especially to finance the agricultural sector. In Salam, the seller undertakes to supply specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot. The price is in cash but the supply of purchased goods is deferred.
The only problem in Salam which may agitate the modern banks and financial institutions is that they will receive certain commodities from their clients, and will not receive money. Being conversant with dealing in money only, it seems to be cumbersome for them to receive different commodities from different clients and to sell them in the market. They cannot sell those commodities before they are actually delivered to them, because it is prohibited in Shariah.
Istisna
Istisna is a sale transaction where a commodity is transacted before it comes into existence. It is an order to a manufacturer to manufacture a specific commodity for the purchaser. The manufacturer uses his own material to manufacture the required goods.
In Istisna, price must be fixed with consent of all parties involved. All other necessary specifications of the commodity must also be fully settled.
Istisna can be used for providing the facility of financing in certain transactions, especially in the house finance sector. If the client has his own land and he seeks financing for the construction of a house, the financier may undertake to construct the house at that open land, on the basis of Istisna, and if the client has no land and he wants to purchase the land also, the financier may undertake to provide him a constructed house on a specified piece of land.
Ijarah
"Ijarah" is a term of Islamic Fiqh. It means 'to give something on rent' or 'to lease'.
It is defined by jurists as: "Possessing of a usufruct for a consideration"
When interest-free financial institutions were established in the near past, they found that leasing is a recognized mode of finance throughout the world. On the other hand, they realized that leasing is a lawful transaction according to Shariah and it can be used as an interest-free mode of financing. Therefore, leasing has been adopted by the Islamic financial institutions, but very few of them paid attention to the fact that the 'financial lease has a number of characteristics more similar to interest than to the actual lease transaction.
All these financial tools are being used by Islamic banks and financial institutes along with some other instruments to earn profit. Interest is modified in different forms in these tools of Islamic banking for earning profit.
Future of Islamic Banking
Now Islamic banking industry faces issues of a different sort. That is, how to consolidate the gains made so far and sustain itself, ward against any meltdown and grow. But Islamic banks will become pure financial institutions that fill financial gaps standing in the way of real economic transactions at the grassroots level. Islamic banking will be ethical banking for, among others, the following reasons: Islamic banks will stay away from financing Shariah-proscribed activities like producing alcohol or financing speculative activities, for example. There will be transparency in their transactions with the clients, depositors as well as fund-seekers due to compliance with the Shariah.
While the number and operations of Islamic banks are fast expanding, this segment of the market is still small relative to the appetite for Islamic finance. Pakistan, in light of its past experience, is launching a gradual and steady approach to Islamic banking. Despite rapid expansion in industry, the share of Islamic banking in the total banking system is a modest 3.2%.
Findings
Islamic banks need to be integrated globally as global financial markets, encourage competition, and provide a proper climate for ongoing innovation. Islamic banks then can consolidate their position in a range of markets and provide products for more customers.
Islamic banks will need to grow at least by 40-50% annually with its promising prospects and potential to be able to raise its share from 3.5% to about 15% of the total banking system. Given that banking industry as a whole has been growing at a substantively fast pace, the level of effort required for Islamic banks would have to be steeper to claim this share. Given the success of some countries in achieving this share for Islamic banking, it is important that concerted efforts are put in to propel Islamic banking system further and deeper in Pakistan.
All forms of banking contain several risks that pose a challenge to banks and management authorities. Islamic banks, like other conventional banks, are financial institutions providing services to depositors and investors and financing companies, public sectors and individuals. Therefore, Islamic banks are subject to the risks similar to those confronted by conventional banks. While Islamic banking has been around for several decades, originating from groundbreaking efforts from the Bahrain, Malaysia, Iran, Sudan and Egypt. According to McKinsey & Co, a management consulting firm, the value of Islamic banking industry is around some $750bn with over 300 dedicated institutions and thousands of Shariah-compliant banking service windows operating in more than 75 countries. Islamic banking and financing has gained a strong grip both nationally in Muslim countries and internationally in the financial world. Regular degree programs are also being offered at the university level almost in all parts of the world.
Profitability Concepts
At the foundation of Shariah compliance there are two concepts of profitability in Islamic banking: profit and loss sharing and mark-up. Islamic banking is based on the totally Riba (interest) free and there is no transaction involving the interest. In the profit and loss sharing the rate of return on the financial assets is either not known or fixed before the undertaking; in case of mark-up the purchase-resale transaction is determined with reference of the benchmark rate of return. Profit share involves the bank’s ability to secure a high return arises from its own investment decision and input post-investment. By comparison, in conventional banking the borrower of the money become responsible for the entire risk. Poor investment decisions by the bank have a direct bearing on the returns gained by depositors, as the rate of return is determined by the profit-and-loss sharing ratio.
Shariah-compliant instruments differ from conventional banks’ offering in the legal contracts, governance and the liquidity structure. The various Islamic financial products practiced in different parts of the world are described below.
Mudarabah
Mudarabah is a kind of contract in which one partner provide money to another partner for investing it in any commercial enterprise. The investment comes from the first partner who is called "rabb-ul-mal", while the management and work is an exclusive responsibility of the other, who is called "mudarib". In this contract bank finance the customer and share the profit or loss.
Murabahah
Murabahah is actually a term of Islamic Fiqh and it refers to a particular kind of sale having nothing to do with financing in its original sense. If a seller agrees with his purchaser to provide him a specific commodity on a certain profit added to his cost, it is called a "murabahah" transaction.
Most of the Islamic banks and financial institutions are using "Murabahah" as an Islamic mode of financing, and most of their financing operations are based on "Murabahah". That is why this term has been taken in the economic circles today as an instrument of banking operations, while the original concept of "Murabahah" is different from this assumption.
Musharkah
'Musharakah' is a word of Arabic origin which literally means sharing. In the context of business and trade it means a joint enterprise in which all the partners share the profit or loss of the joint venture. It is an ideal alternative for the interest-based financing with far reaching effects on both production and distribution. In the modern capitalist economy, interest is the sole instrument indiscriminately used in financing of every type. Since Islam has prohibited interest, this instrument cannot be used for providing funds of any kind. Therefore, 'Musharakah' can play a vital role in an economy based on Islamic principles. The proportion of profit to be distributed between the partners must be agreed upon at the time of affecting the contract. If no such proportion has been determined, the contract is not valid in Shariah.
In spite of all the benefits, Musharakah is almost nonexistent in the Islamic banking and finance markets due to various complexities.
Salam
Salam is a sale whereby the seller undertakes to supply some specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot.
This mode of financing can be used by the modern banks and financial institutions especially to finance the agricultural sector. In Salam, the seller undertakes to supply specific goods to the buyer at a future date in exchange of an advanced price fully paid at spot. The price is in cash but the supply of purchased goods is deferred.
The only problem in Salam which may agitate the modern banks and financial institutions is that they will receive certain commodities from their clients, and will not receive money. Being conversant with dealing in money only, it seems to be cumbersome for them to receive different commodities from different clients and to sell them in the market. They cannot sell those commodities before they are actually delivered to them, because it is prohibited in Shariah.
Istisna
Istisna is a sale transaction where a commodity is transacted before it comes into existence. It is an order to a manufacturer to manufacture a specific commodity for the purchaser. The manufacturer uses his own material to manufacture the required goods.
In Istisna, price must be fixed with consent of all parties involved. All other necessary specifications of the commodity must also be fully settled.
Istisna can be used for providing the facility of financing in certain transactions, especially in the house finance sector. If the client has his own land and he seeks financing for the construction of a house, the financier may undertake to construct the house at that open land, on the basis of Istisna, and if the client has no land and he wants to purchase the land also, the financier may undertake to provide him a constructed house on a specified piece of land.
Ijarah
"Ijarah" is a term of Islamic Fiqh. It means 'to give something on rent' or 'to lease'.
It is defined by jurists as: "Possessing of a usufruct for a consideration"
When interest-free financial institutions were established in the near past, they found that leasing is a recognized mode of finance throughout the world. On the other hand, they realized that leasing is a lawful transaction according to Shariah and it can be used as an interest-free mode of financing. Therefore, leasing has been adopted by the Islamic financial institutions, but very few of them paid attention to the fact that the 'financial lease has a number of characteristics more similar to interest than to the actual lease transaction.
All these financial tools are being used by Islamic banks and financial institutes along with some other instruments to earn profit. Interest is modified in different forms in these tools of Islamic banking for earning profit.
Future of Islamic Banking
Now Islamic banking industry faces issues of a different sort. That is, how to consolidate the gains made so far and sustain itself, ward against any meltdown and grow. But Islamic banks will become pure financial institutions that fill financial gaps standing in the way of real economic transactions at the grassroots level. Islamic banking will be ethical banking for, among others, the following reasons: Islamic banks will stay away from financing Shariah-proscribed activities like producing alcohol or financing speculative activities, for example. There will be transparency in their transactions with the clients, depositors as well as fund-seekers due to compliance with the Shariah.
While the number and operations of Islamic banks are fast expanding, this segment of the market is still small relative to the appetite for Islamic finance. Pakistan, in light of its past experience, is launching a gradual and steady approach to Islamic banking. Despite rapid expansion in industry, the share of Islamic banking in the total banking system is a modest 3.2%.
Findings
Islamic banks need to be integrated globally as global financial markets, encourage competition, and provide a proper climate for ongoing innovation. Islamic banks then can consolidate their position in a range of markets and provide products for more customers.
Islamic banks will need to grow at least by 40-50% annually with its promising prospects and potential to be able to raise its share from 3.5% to about 15% of the total banking system. Given that banking industry as a whole has been growing at a substantively fast pace, the level of effort required for Islamic banks would have to be steeper to claim this share. Given the success of some countries in achieving this share for Islamic banking, it is important that concerted efforts are put in to propel Islamic banking system further and deeper in Pakistan.
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