SBP study: Huge demand for Islamic banking

According to the survey, the pent-up demand for Islamic banking is higher among retail (95%) than businesses (73%)


Our Correspondent October 03, 2014

KARACHI:


There is an overwhelming demand for Islamic banking in the country that is evenly distributed among rural and urban areas, varied income strata and education levels, according to a study released by the State Bank of Pakistan (SBP) on Friday.


The SBP conducted theanalysis titled “Knowledge, attitude and practices of Islamic banking in Pakistan” for both retail and corporate customers besides identifying demand-supply gaps.

According to the survey, the pent-up demand for Islamic banking is higher among retail (95%) than businesses (73%). The study indicates that individuals in rural areas or in low-income brackets have relatively limited access to financial services. This highlights an opportunity for Islamic microfinance in rural areas.

Published in The Express Tribune, October 4th, 2014.

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