Assets of Islamic banks up 9.1pc

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KARACHI: During the last quarter of 2017, Islamic banking industry’s assets grew 9.1 per cent (Rs189 billion) to Rs2.272 trillion, compared to Rs2.083 trillion in the previous quarter, according to a report released by the State Bank of Pakistan (SBP), reported a private news outlet.

The share of financing in total Islamic assets stood at 53.1 per cent, that grew 16.6 per cent in the last quarter of 2017. Net investments also recorded a 1.8 per cent increase during the period with their share in total assets stood at 23.5 per cent, respectively by end of December 2017.

Full-fledged Islamic banks have a 59.5 per cent share in the overall Islamic banking assets, where as Islamic banking branches of conventional banks have a 40.5 per cent share in the same.

Overall Investments in Islamic banking industry grew by Rs9 billion (1.8 per cent) to Rs534 billion in the last quarter of 2017, said the report.

Net financing and related assets of the industry were recorded at Rs1207 billion up 16.6 per cent compared to Rs1035 billion in the previous quarter. Financing of Islamic banking branches of conventional banks increased 23.1 per cent compared to 13.1 per cent experienced by Islamic banks in the period under review.