Islamic banking (IB) will require a growth rate of over 37 percent against the 15 percent rate by conventional banking industry to cross the State Bank of Pakistan's (SBP) projected market share of Rs 3 trillion by 2020. This was stated by Junaid Ahmed, Chief Executive Officer (CEO) Dubai Islamic Bank Pakistan (DIBP), while addressing a staff gala organised by the bank for North Region here at Pak-China Friendship Centre on Saturday.
The event was attended by about 500 staff members of the DIBP family from across northern Pakistan. "The SBP projected that Islamic banking market share should be 20 percent by 2020 and now we are at 12 percent. Current total market size is Rs 10.3 trillion and by growing with 15 percent, it will be around Rs 15 trillion by 2020," said the CEO DIBP, adding Islamic banking share would be Rs 3 trillion against the current Rs 1.2 trillion.
He said that projection meant exponential growth ie more than double by 2020. "It will create huge opportunities as when the industry grows by 15 percent and we say that in four years we will have to grow by 250 percent ie average growth rate, it means that Islamic Banking growth will be average 37.5 percent compound average growth rate." It meant that employees working in Islamic banking would get maximum opportunities as compared to conventional banking, he added.
The CEO further said they had very important role and that was why in every decision of SBP and Security Exchange Commission of Pakistan (SECP) their input was being taken. "In every transaction including Sukkuk transaction, the government could not take without us," said the CEO, adding the Bank had given an opportunity to eradicate interest by facilitating and providing a platform to the customers.
"We are chosen by Allah while giving this opportunity to work in the Bank, which is the pioneer and first Islamic bank in the world," said the CEO, adding they were working to create a Riba-free (interest-free) environment. He urged the bank staff to do work for the betterment of the community and humanity by facilitating each and every one. Regarding the gala, the CEO said it was just an informal get together and there was no formal discussion.
The gala had various activities and sporting events for the staff to enjoy. One of the major activities was a cricketing event in which more than 10 teams from the Bank participated. Other events included badminton, table tennis, golf, tug of war etc. Various prizes were also distributed to the staff, along with a bumper prize of a motorcycle at the end of the sporting events.
Concluding the Gala, Junaid Ahmed held a town hall session for the staff in which he not only emphasised on the health and fitness attributes of the staff but also the importance of such events. "After the success of Central Staff Gala 2016, we have yet again set a new benchmark for ourselves. The participation by the staff has been overwhelming and we are proud to conduct such events for our hardworking and dedicated family," Junaid Ahmed added.