The Deputy Governor SBP, Kazi Abdul Muqtadir has said that, SBP is planning to launch a media campaign for creating awareness among the common masses; regarding the strengths of Islamic finance and also to clear doubts and apprehensions regarding Islamic banking.
He also added that, “Islamic Banking industry with the support of State Bank of Pakistan will play a key role in this campaign”.
He said that before starting this campaign, the State Bank has conducted a very comprehensive survey on “Knowledge, Attitude & Practices of Islamic Banking in Pakistan”, through this survey we reached to conclusion, that there is a dire need of creating awareness in general public for increasing their trust on Islamic Banking.
The Deputy Governor SBP, said that since last decade Islamic banking industry has shown significant annual growth. Annual growth rate has remained above 30%. 1100 Islamic branches are functioning across the country. The market share comprises of around 10%.
Despite of all above mentioned growth, the industry is dealing with many issues and challenges like limited human resource capacity, lack of awareness and understanding about Islamic banking and its difference from conventional banking.
At this occasion, Mr. Abdul Muqtadir also announced the formation of seven member Steering Committee for launching the media awareness campaign. The committee is being headed by President of Meezan Bank, Mr. Irfan Siddiqui. The other members included in the committee are Mr. Atif Bajwa, President Bank Alfalah, Mr. Mohsin Nathani, President Standard Chartered Bank, Mr. Nauman Dar, President Habib Bank, Mr. Junaid Ahmed, President Duabi Islamic Bank and Mr. Hassan Bilgrami, President Bank Islami. Mr. Sami Ullah , Director Islamic Banking department SBP will represent State Bank in the committee.
He said that although SBP and Islamic Banking Institutions (IBIs) have taken several steps and measures to increase public awareness, but this is the first time they have decided to use electronic and print media.
The Deputy Governor has also showed confidence that this initiative will not only play an instrumental role for creating awareness regarding Islamic banking but also accelerate growth significantly in Islamic banking sector.

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