Urdu Guide About Scope and Career in Islamic Banking & Finance in Pakistan
Check out the complete scope of Islamic banking in Pakistan. This is an interesting fact for you that Pakistan has now become the fifth biggest and largest market in terms of doing Islamic banking, it is true! For the information, the concept to introduce this Islamic banking is to get rid of interest schemes. No interest is seen in this banking concept. Many of the universities in all over the world and that also includes the universities from Pakistan, they are introducing masters level and PHD level Islamic banking degree programs so that more awareness can be given to this system.
History of Islamic Banking in Pakistan
It was in 2002 that this concept was introduced in Pakistan and till now, this Islamic banking concept has gained satisfactory result from the banking and user perspective side. On the basis of traditional banking zones, this concept contributes up to 11.9%. In Pakistan, so far 21 institutions are working on this concept. Among these institutions, 5 of them are pure Islamic banks and the rest of them also work on the commercial basis. Total branches of this Islamic banking in Pakistan have reaches to 2368 in their number.
Job Opportunities For Islamic Banking Graduates
Number of Islamic banks are increasing in Pakistan. Businessmen are depositing their money either in Islamic banks or Islamic banking branches of commercial banks. Banking jobs in this area are also increasing day by day. Students having degree in this field have great future scope. They can get jobs both in Islamic banks and commercial banks. Such graduates may also find jobs in other financial institutions and government departments like fiancne division, planning division, SBP, Insurance companies, educational institutions, stock exchange, chamber of commerce and leasing companies.
Framework of Islamic Banking
It is on the banking companies ordinance 1962 that Islamic banks and commercial banks are being operated in Pakistan. It is the regulatory framework of State bank of Pakistan which is usually applied on these Islamic banks and commercial banks present in Pakistan. It is important for all Islamic banks that they have to show charity poll accounts management practice in their operations. Rest and remaining in number of commercial banks which show Islamic banking products, it is important for them to show the side processing and operating measures of Islamic banks to the consumers as well.
Difference Between Islamic Banking and Commercial Banking
It is often said that both of these banking types work on the same measures and same one operation zones, but it is not true! There is a prominent difference in the working way and mechanism of both of these banking types. Like you can take the example of following a sacrifice method opted by a Muslim and the sacrifice method been opted by any non muslim, both are contrary methods and in the same way, Islamic and commercial baking systems works on the different scenarios.
In the commercial banks, loan schemes are based on interest schemes. On the other hand, if you are going to apply for a loan in some Islamic bank then you do not have to give any interest.
So all the readers, this is the current info on the scope of Islamic banking in Pakistan. This is one of the constructive and productive banking concepts and we hope to see more branches and sub branches of Islamic banks been opened up in Pakistan. We need to follow the Islamic mechanism which works on the interest free loan basis and terms. For any questions on Islamic banking concept, stay tuned with us.
Career Counseling About Scope of Islamic Banking in Pakistan (Urdu-English)