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| EconomyOfPakistan »Banking Sector in Pakistan » Islamic Banks |
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Islamic Banks |
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If you keep an eye over the world economy, then you will notice that, Pakistan is experiencing a flourishing in its economy at a rapid pace. Witnessing this rapid flourishing of the country's economy, many giant industrialists are coming in the country to set up their business in the country's soil. Several institutions have also come up in this regard to provide financial support to other smaller enterprising companies that are also trying to put up their business. There are a handful of these companies like, Micro Finance Banks and Venture Capital Companies that offer financial support to these small enterprises. Islamic Banks are the next popular organization in this regard that provides financial assistance in the similar strain but their mode of operation is based on the Islamic laws. To know in details about Islamic Banks in Pakistan, stay with us.
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As Pakistan is a Muslim country, there are several Islamic banks that follows the banking system according to the dictum of the Islamic law - Sharia. Islamic banking has a basic principle and is against any form of lending money with interest. It is based on the sharing of profit and loss and strictly forbids interest rates. Because of these principles, the Islamic Banks are very popular among the Pakistanis and at present there are several Islamic banks all over the country that offer a dedicated service to the countrymen who longs to start up small businesses. The Islamic banks were mostly established in the 20th century and are running quite successfully in Pakistan. To get the names of the Islamic banks in Pakistan see the list below:
- First Dawood Islamic Bank
- Meezan Bank
- UBL Ameen Islamic Banking
- AlBaraka Islamic Bank
- Emirates Global Islamic Bank
- Dubai Islamic Bank
- Bank Alfalah
- Qaiser Islamic Bank
For further queries on Banking Sector in Pakistan log on to www.economyofpakistan right now.
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