Development: Banking sector has yet to play its role

By APP
Published: August 20, 2017
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The rules aim to accelerate the growth of Islamic banking in Pakistan. PHOTO: BLOOMBERG

The rules aim to accelerate the growth of Islamic banking in Pakistan. PHOTO: BLOOMBERG

ISLAMABAD: The banking sector is yet to play its due role in the national development by giving required loans to different sectors, said the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Saturday.

The role of the central bank, which regulates the banking industry, is far from satisfactory, which must be noticed, according to an FPCCI statement.

Reports of increased lending to different sectors were frequently published but the ratio of loans as compared to the GDP was on the decline, said FPCCI Regional Committee on Industries Chairman Atif Ikram Sheikh. The common depositors continued to get a negative return on their savings, which had eroded confidence in the banking system, he added.

Published in The Express Tribune, August 20th, 2017.

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