Islamic banking ADB willing to finance multi billion dollar loans to Pakistan

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The Asian Development Bank (ADB) showed its willingness to finance multi-billion dollars loans to Pakistan under different instruments of Islamic banking. However, Islamabad did not make any formal request to any multilateral institutions.

“The Islamic Banking has become an emerging market as the international financial institutions such as the IMF and Asian Development Bank (ADB) are taking keen interest to do business in Islamic banking sector in Pakistan and other countries,” said Director General of Cambridge Institute of Islamic Banking Dr Humayon Dar during a literary discussion held here recently.

He said that different international institutions want to enter Islamic Banking in Pakistan. He added that the Asian Development Bank had also showed its interest to come in Islamic banking sector, adding that ADB’s Islamabad Office called him some years ago for taking briefing on this issue.

The World Bank and IMF are more interested to adopt Islamic Banking structure for dealing to Islamic countries which is like to emphasizing. Some years ago, The Country Director of (ADB) in Pakistan has called and said that there are reports that government is going to adopt pro-Islamic banking and ADB had commitment of $10 billion during next 10 years and the Bank is ready to give financing on Islamic banking structure.Later on, the government did not make request to the ADB for taking loan on Islamic banking structure”, he said.— theblog101

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