KARACHI - The Qatar Islamic Bank with a consortium of Gulf countries will invest $100 million in banking sector in Pakistan very soon while application has been given to State Bank of Pakistan for permission of opening a bank in the country.

Choudhry Mohammad Wasi-General Manager Project Group of Qatar Islamic Bank disclosed this while talking to the journalists in a ceremony of launch of Individual Family Takaful products in the country on Thursday.

This $100 million dollars investment of consortium of banks of Qatar and other gulf countries in baking sector will take practical shape very soon as Bank had already forwarded the application to SBP but they taken back it due to change in political scenario of Pakistan, Choudhry Wasi said, hoping Central Bank will approve their resubmitted application for opening of the bank in Pakistan.

He declined to disclose the name of the bank but said that it would be pattern of Islamic bank. There was a substantial opportunities for investment in banking sector in Pakistan especially in Islamic banking as comparison other conventional banks, the Islamic banks posses one trillion dollar capital of global banking while Islamic banks' growth is above 20 percent.