Branchless Banking will promote Islamic banking and the efforts of State Bank of Pakistan in this respect are commendable, said Zuhair Mughal, Chief Executive Officer of AlHuda Center of Islamic Banking & Economics while talking to mediamen here on Friday.
He said that the Islamic banks can introduce their Islamic Financial services and products in the rural areas and in those areas where Islamic banking has not been introduced yet, without a branch through branchless banking effectively.
This would also enable the rural areas to benefit from the services of Islamic Banks and would also further strengthen the idea of Islamic Micro Finance in those areas.
He appreciated the efforts the Governor State Bank of Pakistan for promotion and growth of Islamic banking in rural areas and said that the State Bank of Pakistan has already advised the 20 percent existing network of Islamic banks to operate in the rural sector and this vision would be even more strengthened because of the branchless banking. He said to date 6 fully functional Islamic and 12 conventional banks are operating with 186 and 103 branches receptively in the rural areas out of which 19 are operating in less developed areas. While Bank Islamic is most prominent with respect to its fast branch network growth and expansion of its services in the said areas.-PR
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