Islamic Banking Sector Documented a 35% growth in profits for year 2017!

Islamic Bank Industry (IBI) kept on extending in the nation with a great looking twofold digit development of 35 percent in the business in the current year of 2017.

According to the State Bank of Pakistan (SBP) benefits before charge made by Islamic Banking Industry expanded to Rs. 23 billion of every 2017, as contrasted with RS 17 billion recorded in 2016.

Whereas, saving banking industry of conventional banks recorded a negative expansion of 21 percent around the same time. The general profit before assessment of conventional banks had fallen to RS 243.8 billion out of 2017 from 311.8 billion out of 2016.

Islamic Banking Industry has been ascending at a good pace in Pakistan. Not only the banks’ sheets have been boosted but Sharia complaint services and items are being acknowledged by the majority.

The system of Islamic banking industry comprised of 21 Islamic money saving institutions, 5 undeniable Islamic Banks and 16 customary banks with Islamic saving money branches by December 2017

The merits of Islamic banking industry developed to RS 2.272 trillion before the finish of 2017. Installments surged to RS. 1.729 trillion, and the evaluation of its financing for resources expanded to RS 1.207 before the finish of the recent year.

The major development in significant heads of balanced sheets of the Islamic banks also enhanced the share of Islamic Banking Industry in the general banking industry had increased to 12.4% and14.5% resultantly by December 2017.

Banking Industry Profit Fall by 17%

The whole banking industry including traditional and Islamic banks experienced a decay of 17% in 2017 on a year-on-year.

As per the SBP’s measurements, the benefits after assessment of the banking industry reduced to RS 157.8 billion in 2017 as against RS 18909 billion recorded in 2016.

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