Pakistan’s Islamic banking sector growing in the double digits
Islamic banking has grown 24% a year over the past decade, according to Moody’s, and is set for 25% growth over the next five years.
Pakistan’s banking sector has achieved strong growth over the past decade, driven by the country’s large Muslim population, low financial inclusion rates and more conducive governmental regulations, according to a report by Moody’s Investor Service.
In 2011, Islamic banking assets accounted for 8% of overall banking assets, but have increased by an average of 24% a year, to 19% of total banking assets, at Pakistani Rupees (PKR) 5,577 billion ($31.2 billion). Moody’s expect annual growth of over 25% over the next five years, enabling the sector to take 30% market share.
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