Interest Free Islamic Banking Booming in Pakistan

Pakistan’s financial sector is witnessing robust growth in Islamic banking, which is emerging as a happy alternative for millions of faithful who regard conventional banking as impure. The past 18 months have seen a steep increase in Islamic banking counters at key local and foreign banks. Two fully-fledged Islamic banks — one local and one foreign-based — have opened 23 branches recently, while nine conventional banks including Standard Chartered and AG Zurich have 25 branches across the country.