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Pakistan stands on the threshold of one of the most significant financial reforms in the modern Muslim world. For decades, the transition towards an Islamic financial system remained an aspiration discussed in policy circles and academic forums. Today, it has become an achievable national objective backed by constitutional obligation, judicial direction, institutional preparedness and, most importantly, market acceptance.
According to the latest State Bank of Pakistan’s Islamic Banking Bulletin, Islamic banking assets have reached approximately Rs 14.47 trillion, while deposits have crossed Rs 11.03tr, recording annual growth of 30.7 per cent and 39.6pc, respectively. Islamic banking now accounts for 22.9pc of Pakistan’s banking assets and 27.8pc of total deposits, supported by a nationwide network of more than 6,700 Islamic banking branches.
Every year, millions of Pakistanis voluntarily choose Islamic banking not because they are compelled to do so, but because they trust the system and seek financial services aligned with their religious values.
This remarkable growth has been accompanied by equally impressive progress in Pakistan’s Islamic capital market. During FY26, the government successfully raised approximately Rs3.5tr through sovereign Sukuk, the largest Sukuk programme in the country’s history.
