Pakistan's Islamic Banking Industry Attracts RS 55 Billion Investment
October 05 2007
Karachi: As of September 2007 direct investment in Pakistan's Islamic banking industry is in excess of Rs 20 billion. The Arab investors from the Middle East have lined up an additional Rs. 35 billion for Pakistan, to be invested in Pakistan's banking and industrial sector through Sharia' compliant financing over the next 6-8 months.
This was stated by Mr. Ashar M Nazim Chief Executive Officers (CEO) Islamic Capital Partners in a statement issued on Friday. He said that there is more interest from foreign investors to invest in Pakistan's banking sector, as well as in the industrial sector through Sharia' compliant financing.
The prominent Sharia' compliant investors that have expressed their interest include - Dubai Bank, Qatar Islamic Bank, Qatar International Islamic Bank, Saudi Economic and Development Company, National Bank of Dubai, Rayyan Bank, Ithmar and Al Noor amongst others.
Mr. Nazim said that several other institutions are in the process of finalizing their investment plans for Pakistan. Investors are especially eager to invest in corporates that are expanding in Pakistan, and who have plans to set up regional operations.
Many of the major investors will be visiting Pakistan in November to assess the ground realities in Pakistan, he added. They will be attending a key "Investors Forum" in Karachi during the 3rd World Asia Islamic Banking Conference.
The 3rd WorldAsia Islamic Capital conference seeks to bring together the policymakers, bankers, corporate, Sharia scholars and professionals from the local and regional markets to discuss the current positioning of the Islamic capital industry and challenges for future growth.
He said that the election year has caused some uncertainty amongst the investors, and they are waiting for the political scene to become clearer. Islamic Capital Partners is also actively engaged in promoting knowledge exchange, awareness and training programs in the Islamic finance industry.