( Lahore 13th Sep, 07 ).AlHuda Centre of Islamic Banking & Economics (CIBE) has joined hands with ten (10) International Islamic Banking research & development institutions for the promoting training, development and awareness of Islamic Banking, Finance and Takaful around the globe. Zubair Mughal CEO AlHuda disclosed that these institutions include, Globpro – Malaysia, Avail Corp – Singapore, Islamic Science University – Malaysia, IIFM – Bahrain, Nexxus – U.K, ISNA – Canada, IIR ME – U.A.E, Marcus Event – Malaysia, IBC Gulf – U.A.E and Musbiz – Russia.
He explained the benefit of such agreements that will brings in Research, Development and experiences as a great value addition to Pakistani Islamic Banking sector. Many institutions from them have shown their interest coming to the Pakistani Market in the area of Product development, Training & Research of Islamic Banking which will be the support to improve Islamic Banking Services with equilibrium to international standards in Pakistan. He further emphasized the need of more products and diversification from Islamic Banks in Pakistan
He figure out the latest development of Islamic Banking in Pakistan , he said there are total 172 Islamic Banking branches working right now with the total deposit of 93 Billion and Assets 136 Billion in 25 cities. In which Meezan Bank have 69 Branches, AlBaraka Bank 11, BankIslami 13, Dubai Islami 15, Emirates Global 6, First Dawood 1, MCB 6, BOK 5, AlFalah 23, Habib Metropolitan 4, Standard Chartered 3, Bank Al Habib 3, HBL 1, Soneri 2, ABN Amro 3, Askari 6, NBP 1, UBL 1. He indicate that Ijarah & Murabahah covers 70% share of Islamic Banking in Pakistan, while Diminishing Musharaka have 17%, Istisna 1%, Salam 1%, Musharakah 1% and others 10%.
He said, AlHuda’s Islamic Banking awareness services are going popularity not only in Pakistan but also in Middle East, Far East and Europe where the major market players are located. He disclosed that AlHuda CIBE is participating as communicator Partner in up coming Islamic Banking Events in Switzerland, Singapore, Malaysia, India & South Africa in this Year