Islamic Finance

SBP to develop rules for Islamic bankers DUBAI: State Bank of Pakistan has announced it will develop rules defining the roles and responsibilities of all those involved in the Sharia compliance process of Islamic banks, including scholars.

ISLAMABAD: The two-day international conference on Islamic Banking (ICIB) is set to commence on Tuesday. The conference has been organized by Riphah Center of Islamic Business (RCIB) a constituent institute of Riphah International University (RIU).

KARACHI: The State Bank of Pakistan (SBP) has accepted offers of Rs 38.124 billion (face value) for 3-year government Ijara Sukuk (GIS-10).

ISLAMABAD: President, Islamabad Chamber of Commerce and Industry (ICCI), Yassar Sakhi Butt has said that banks should develop innovative, cost effective and business friendly Islamic Banking products to facilitate the smooth growth of business activities in the country.

  By Riffat Mughal Pakistan’s Islamic mutual funds performed better during the second quarter of financial year (Q2FY12) as net assets of all Islamic funds increased by 17.57 percent to Rs 47.812 billion as against Rs 40.67 billion during Q1FY12. Net assets of Islamic Open end funds went up by 18.36 percent and reached Rs 45.405 billion during Q2FY12 as compared with Rs 38.361 billion during last quarter. Islamic pension funds also surged up by 13.43 percent to Rs 1.079 billion; however, Islamic closed end funds declined by 1.97 percent to Rs 1.327 billion. During the period under review, the equity markets remained dull with thin volumes and concentrated activity was seen in selected scripts due to absence of positive triggers. Money market funds also remained in tight situation due to ease in monetary stance by the State Bank of Pakistan. Uncertain political conditions of the country also impacted both the money market and equity markets. Islamic Asset Alloc

  By Riffat Mughal KARACHI: Pakistan’s Islamic banking windows of conventional banks continued to grow during the first nine months of the calendar year 2011 (9MCY11) with improved asset base. Net assets of the Islamic banking windows grew by 31.77 percent and stood at Rs 17.647 billion as on Sep 30, 2011 as against Rs 13.393 billion reported on Dec 31, 2010. Islamic banking business of 11 selected banks was included in this report. The banks taken for analysis include Standard Chartered Saadiq , Bank AL Habib , Askari Bank Limited , Habib Bank Limited , Faysal Bank Limited , National Bank of Pakistan , Bank Alfalah Limited , Bank of Khyber , Habib Metropolitan Bank , Muslim Commercial Bank and