Islamic banks assets grow to Rs 118.18 billion and deposit Rs. 83,742 billion.

 

KARACHI - The deposits of domestic Islamic banks have improved to Rs 83.742 billion by December 2006, showing 27 per cent increase over Rs 66.011 billion deposits in September last year. The customers deposits have marked 20 per cent increase while financial institutions deposits showed 84 per cent remarkable growth in the last quarter of the calendar year 2006. 
The total assets of the Islamic banks in Pakistan have also expanded Rs 118.183 billion by December 2006 from Rs 95.020 billion in September 2006, showing 24 per cent growth in just three months.
The Islamic banking sector's assets have shown a substantial increase in cash and balances with treasury banks and balances with other banks. 
The cash held by the Islamic Banking Institutions at the treasury banks increased by 25 per cent, to Rs.15.266 billion in December 2006 from Rs. 12.164 billion in September 2006.
The financings of the banks also improved to Rs 65.137 billion in December from Rs 52.621 billion in September last year.
State Bank of Pakistan has disclosed this astounding performance of Islamic banks in the country in its new Islamic Banking Bulletin which also showed that the banks have excess liquid funds which could not be properly utilized due to non-availability of Shariah Compliant money market instruments.
Meanwhile, the deposit liabilities of Islamic banks have increased by 27 per cent to Rs. 83.742 billion as at the end of December from Rs 66.011 billion in September 2006.
It had also been pointed out that the Islamic banking sector equity increased marked 24 per cent increase and it amounted to Rs 15.847 billion in December last year from Rs 12.777 billion in September.
Minimum Capital Requirement for conventional banks also applies on Islamic Banking Institutions of Pakistan because of which the equity of Islamic Banking Institutions has increased in the last quarter of 2006. The Islamic banks in the country are expanding their network and customers base rapidly to capture maximum potential of Shariah-based business and to offer credit to those countrymen who want to obtain credit matching the Islamic conjunction.

Special Thanks to JAVED MAHMOOD

 

 

 
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