Gohar Iqbal, country head of finance and operations, BankIslami, said that Islamic banking has great potential to grow in the country and that the newly launched bank is focusing on market share that avoids conventional banking.
While talking to 'AAJ markets', he said after an anaemic effort of 1984, Pakistan is once again deploying its resources in developing Islamic banking in the country.
Experts are of the view that hurdles like product range, shortage of qualified staff, lengthy documentation and absence of Islamic money market are major factors causing slow growth.
Gohar said that BankIslami would not only invest in equity and real estate but it would also cater products from other Islamic banks under its roof to broaden its product range. The Bank's in-house training program would address skilled labour hurdle. Government of Pakistan's Rs 15 to 20 billion domestic Sukuk will help in developing the money market and the bank is in contact with its legal advisors for reducing lengthy documentation. All this will help in the growth.
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