Carmudi has recently published a white-paper that encompasses current and future state of the flourishing car financing market in Pakistan, and how consumer attitudes towards credit have transformed in recent years, especially with the growing trend of Islamic banking and finance. The report is based on studies of data and reports by government institutions, authorities and interviews with financial institutions, car dealers, and banking experts throughout Pakistan.
Growing Islamic banking and particularly Islamic auto finance remained the main focus of the study. According to the report in Pakistan conventional banking has facilitated car financing, generally. And auto financing has positively contributed in the new as well as used car business. Whereas Islamic banking also enables auto finance for consumers who strictly follow the Islamic principles of riba free business and lending either. Though Islamic Banking counts only 1% of global banking business but also Islamic banking is rapid growing all over the world and especially in Pakistani market.-PR
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