The interest-free Islamic banking has recorded a robust growth in the country in the last few years and can further expand tremendously with the help of effective legislation and introduction of more products.
These views were expressed by Dr Hasan Sohaib Murad, the Founder Rector of the University of Management and Technology (UMT), Lahore. Dr Hasan, who is also chairman of Association of Management Development Institutions in Pakistan (AMDIP), said that total assets of Islamic banking in Pakistan have grown by 34 per cent to Rs641 billion at the end of last calendar year. Similarly, deposits base has also surged by 34 per cent to Rs521 billion during 2011, he added………………………………………..Full Article: Source