The State Bank of Pakistan said on Wednesday that Pakistan has witnessed the highest growth in assets and deposits of Islamic banks in 2020, the highest growth witnessed since 2015.

Islamic Banking Industry’s total assets and deposits witnessed significant growth of 30% and 27.8%, respectively, during the year 2020,” the central bank said in a press release.

The October-December 2020 Islamic Banking Bulletin issued by the country’s Central Bank indicates that it was the largest increase in assets since 2012, and in deposits since 2015. Over the past five years, the assets and deposits of Islamic banking have more than doubled.

SBP believes that growth is encouraging, “especially as the industry also faces the challenges of the Covid19 pandemic during 2020”.

As per the publication, Islamic Banking assets increased to 4.269 Trillion rupees, while deposits reached 3.389 triliion rupees at the end of 2020, marking 17 per cent of total Banking assets, and 18.3 per cent of total deposits respectively.

While the financing/loans of the Islamic banking industry has also increased by 16 percent, compared to last year.

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