Pakistan's Senate committee raises concerns over Islamic banks' profit rates, requests a detailed comparison with conventional banks, and approves two bills per IMF's conditions.

Pakistan's Senate Standing Committee on Finance raises concerns over Islamic banks' profit rates and high charges on customers, requesting a detailed comparison with conventional banks. The committee approved two bills per IMF's conditions, increasing depositor protection to Rs500,000 and demanding a unified regulatory framework for commercial and microfinance banks by December. The State Bank of Pakistan is to provide a comparative analysis of Islamic banking practices and profitability worldwide.

August 29, 2024
20 Articles