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Islamic Finance Briefing - Categorized | Banking, Market Moves more

Islamic banking is a fast-growing trend in Pakistan

Posted on 02 May 2011

When it comes to money, Pakistan has a troubled image. Its business establishment is known for chronic tax evasion and loan defaults, and many of its politicians have been implicated in corruption scandals that exposed their cozy relations with bankers and bureaucrats.
But Islam, the national religion, offers an alternative form of financing that claims to be both more ethical and more equitable. Islamic banking represents only 8 percent of banking activity nationwide, but it is a fast-growing trend that appeals to many Pakistanis who want to be financially successful but also religiously correct……………………………………….Full Article: Source

 
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