Islamic banking has potential of Rs10 trillion: Irfan

Staff Reporter

Irfan Siddiqui, President Meezan Bank, said on Monday that the country has 18.7 percent of Islamic banking market share of deposits, which is expected to grow by 25-30 percent in five years, 10 times higher than the current rate.

Addressing the Round Table Conference, organised by the Pakistan Observer, he said Islamic banking has the potential of 3 and half trillion deposits viz PIBs, T-bills. SBP vision of Islamic banking by 2025 goes up to 10 trillion.

He said that no Sukuk bond has been issued since February 2021. “Islamic banking market does not have the required liquidity,’ he said. He also proposed the issuance of Ijara Sukuk and Energy Sukuk.

He said that bilateral Ijara guaranteed by government of Pakistan on pre-determined spread basis is also a good choice.

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