03-30-2009, 01:26 AM
Vision Statement
To make Islamic banking the banking of first choice for the providers and users of financial services.
Mission Statement
To promote and develop Islamic Banking industry in line with best international practices, ensuring Shariah Compliance and transparency.
Introduction
Islamic Banking Department was established on 15th September, 2003 and has been entrusted with the task of promoting & developing the Shariah Compliant Islamic Banking as a parallel and compatible banking system in the country.
Islamic Banking is one of the emerging field in global financial market, having tremendous potential and growing at a very fast pace all around the world. Al-Hamdulillah, the progress of Islamic Banking in Pakistan has also been commendable during the last Five years. Currently there are six licensed full fledged Islamic Banks and twelve conventional banks with standalone Islamic Banking Branches with the total branch network of over 336 branches operating in more than 50 cities of all the four provinces and Azad Kashmir in the country as of 17.07.2008 and applications for few more players are under consideration. Islamic Banking is a high priority area for State Bank of Pakistan. Steps are being taken to make Islamic banking industry in Pakistan robust enough to offer a viable alternative to conventional banking, should the market decide that Pakistan should have an exclusively Islamic banking system in the country.
State Bank of Pakistan wants to develop a progressive and sound Islamic banking system that is in line and compatible with the global financial sector, providing innovative Shariah compliant products and services so as to achieve equitable economic growth.
Departmental Objectives
a) Drive and Implement the Strategic Plan for Islamic banking industry
b) Strengthen the existing regulatory framework for Islamic Banking Industry
c) Strengthen and broaden the scope and functioning of SBP Shariah Board through inclusion of more members and engaging of consultants of international repute
d) Arrangement of IFSB events, particularly Council and Technical Committee meetings, alongwith the side events in Pakistan in November, 08
e) Leverage from/support the efforts of IFSB, IDB/IRTI, AAOIFI, IIFM and other international institutions for promotion of Islamic banking in Pakistan
f) Coordination with BPRD regarding licensing of full fledged Islamic Banks (IBs) and their branches and Islamic Banking Branches of conventional banks (IBBs) and formation of Islamic banking subsidiaries
g) Coordination with BID for Shariah compliance inspection of IBIs and proper compliance of the observations/recommendations of inspection report (regarding Shariah Compliance)
h) Utilizing SBP-SECP Joint Forum for the promotion of Islamic financial industry
i) Support industry players in development of Shariah-compliant liquidity management instruments
j) Utilizing the Shariah Advisor Forum for conflict resolution and for discussion on AAOIFI Shariah Standards for their adoption in Pakistan
k) Conduct awareness programme within and outside SBP to eliminate the misconceptions and to develop the confidence of the public about Islamic banking
l) Publication of Islamic Banking Bulletin (IBB) and Islamic Banking System review (IBSR) and facilitate different departments in preparing various SBP publications
m) Human resource capacity building in the Islamic banking industry through coordination with educational institutes
To make Islamic banking the banking of first choice for the providers and users of financial services.
Mission Statement
To promote and develop Islamic Banking industry in line with best international practices, ensuring Shariah Compliance and transparency.
Introduction
Islamic Banking Department was established on 15th September, 2003 and has been entrusted with the task of promoting & developing the Shariah Compliant Islamic Banking as a parallel and compatible banking system in the country.
Islamic Banking is one of the emerging field in global financial market, having tremendous potential and growing at a very fast pace all around the world. Al-Hamdulillah, the progress of Islamic Banking in Pakistan has also been commendable during the last Five years. Currently there are six licensed full fledged Islamic Banks and twelve conventional banks with standalone Islamic Banking Branches with the total branch network of over 336 branches operating in more than 50 cities of all the four provinces and Azad Kashmir in the country as of 17.07.2008 and applications for few more players are under consideration. Islamic Banking is a high priority area for State Bank of Pakistan. Steps are being taken to make Islamic banking industry in Pakistan robust enough to offer a viable alternative to conventional banking, should the market decide that Pakistan should have an exclusively Islamic banking system in the country.
State Bank of Pakistan wants to develop a progressive and sound Islamic banking system that is in line and compatible with the global financial sector, providing innovative Shariah compliant products and services so as to achieve equitable economic growth.
Departmental Objectives
a) Drive and Implement the Strategic Plan for Islamic banking industry
b) Strengthen the existing regulatory framework for Islamic Banking Industry
c) Strengthen and broaden the scope and functioning of SBP Shariah Board through inclusion of more members and engaging of consultants of international repute
d) Arrangement of IFSB events, particularly Council and Technical Committee meetings, alongwith the side events in Pakistan in November, 08
e) Leverage from/support the efforts of IFSB, IDB/IRTI, AAOIFI, IIFM and other international institutions for promotion of Islamic banking in Pakistan
f) Coordination with BPRD regarding licensing of full fledged Islamic Banks (IBs) and their branches and Islamic Banking Branches of conventional banks (IBBs) and formation of Islamic banking subsidiaries
g) Coordination with BID for Shariah compliance inspection of IBIs and proper compliance of the observations/recommendations of inspection report (regarding Shariah Compliance)
h) Utilizing SBP-SECP Joint Forum for the promotion of Islamic financial industry
i) Support industry players in development of Shariah-compliant liquidity management instruments
j) Utilizing the Shariah Advisor Forum for conflict resolution and for discussion on AAOIFI Shariah Standards for their adoption in Pakistan
k) Conduct awareness programme within and outside SBP to eliminate the misconceptions and to develop the confidence of the public about Islamic banking
l) Publication of Islamic Banking Bulletin (IBB) and Islamic Banking System review (IBSR) and facilitate different departments in preparing various SBP publications
m) Human resource capacity building in the Islamic banking industry through coordination with educational institutes
