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Islamic Banking: Pakistan grabs third spot in Islamic Awards

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From country risk levels to poverty measurement, they conclude expanded data related to composite numerical figures, producing easy-to-comprehend indicators to decision-makers on many commercial, political and social issues.

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Apart from the above-mentioned, consumer prices indices are another crucial indicator portraying the state of affairs of an economy, specifically inflation.

Bank Alfalah Head of Islamic Banking Rizwan Ata said during an interview after his bank was considered Best Islamic Window of a Conventional Banking Group in Pakistan at the recently concluded Global Islamic Finance Awards (GIFA) in Bahrain, “Industry awards are an indicator of performance and relative standing of a particular business.”

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In 2013, when the current government took over, the share of Islamic banking in the country was approximately 9%, which is rapidly drawing near to 12% primarily due to the proactive strategy of the Ministry of Finance and the State Bank of Pakistan.

As far the awards, there Pakistani banks – Albaraka Bank Limited, Bank Islami Limited, and Bank Alfala Limited – received awards. Albarak secured third place with Best Sukuk Deal of the year Award for its Tier-II Capital Mudaraba Sukuk, while Bank Islami was awarded with GIFA back in 2012.

Due to this year’s outstanding performance of Islamic banks, the country stands at number three spot sharing the UK and Saudi Arabia after Malaysia and the UAE.

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