In a significant move aimed at accelerating the transition of conventional banking to Islamic banking, the State Bank of Pakistan (SBP) has revised the criteria for converting conventional banking branches into Islamic banking branches. This step aligns with the Federal Sharia Court’s directive to eliminate interest-based banking in the country and is part of the […]
Karachi, July 15, 2024 – Microfinance Banks (MFBs) in Pakistan continue to expand their outreach to the low-income segment of the population despite challenging macroeconomic conditions, according to the State Bank of Pakistan (SBP). The SBP’s Financial Stability Review-2023 highlights that MFBs serve more account holders and borrowers than conventional banks, despite their limited size. […]