Strategic Plan for Islamic Banking Industry of Pakistan Table of Contents Acronyms .......

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STRATEGIC PLAN FOR ISLAMIC BANKING INDUSTRY OF PAKISTAN Table of Contents ACRONYMS ................................................................................................................................................... III FOREWORD: .................................................................................................................................................. IV GOVERNOR’S MESSAGE .................................................................................................................................. V EXECUTIVE SUMMARY ................................................................................................................................... 1 HISTORY OF ISLAMIC BANKING IN PAKISTAN: ............................................................................................... 3 CURRENT STATUS OF ISLAMIC BANKING INDUSTRY IN PAKISTAN: ................................................................ 5 VISION, MISSION & VALUES .......................................................................................................................... 8 OBJECTIVES: ................................................................................................................................................... 8 STRATEGY ...................................................................................................................................................... 9 FIVE PILLARS OF ISLAMIC BANKING STRATEGY: ........................................................................................... 10 1. EXTENSION OF OUTREACH .............................................................................................................. 10 A. CURRENT STATUS OF OUTREACH: .................................................................................................. 10 B. EXISTING BANKING SEGMENTS ....................................................................................................... 12 C. ENTRY INTO NEW SEGMENTS OF MICRO FINANCE, AGRICULTURE FINANCE AND SME FINANCE .. 13 2. SHARIAH COMPLIANCE MECHANISM ............................................................................................. 15 A. Shariah Board ....................................................................................................................................16 B. Shariah Advisors:...............................................................................................................................17 C. Shariah Compliance Inspection: ......................................................................................................17 3. STRENGTHENING OF REGULATORY FRAMEWORK: ......................................................................... 18 A. ‘Instructions and Guidelines for Shariah compliance’: ..................................................................19 B. Issuance of Guidelines for Microfinance/ Agricultural Financing:...............................................19 C. Rolling out International Standards (IFSB & AAOIFI): .................................................................20 D. Developing Specific Rating Standards for Islamic Banking :.........................................................21 4. CAPACITY BUILDING ...................................................................................................................... 22 5. INTERNAL AND EXTERNAL RELATIONS ........................................................................................... 24 A. Interaction with internal stakeholders:...........................................................................................24 i. ii. iii. Common Forum for Shariah Compliance: ....................................................................................................... 25 Close Coordination in Policy Formulation and Regulations:......................................................................... 25 Provision of Level Playing Field...
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