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INDUSTRY GROWTH
The Islamic banking industry starting from scratch in 2001-02 has grown
manifolds and in 2013 have achieved approx. 10% share of total banking
industry despite tough economic conditions. The fast pace growth of Islamic
banking in the country during the last decade is an indicator of a huge latent
demand for Islamic Banking products and services. Although the growth is
impressive, there are still areas which require concerted, proactive and
prudent initiatives by stakeholders to further develop and nurture the
industry.
Keeping in view the existing growth potential, SBP in collaboration with
stakeholders has developed the Strategic Plan - Islamic Banking Industry of
Pakistan for the period 2014-2018. The Strategic Plan focuses on critical
issues and includes necessary initiatives for improving public acceptance and
promoting Islamic banking as a distinct and viable system for meeting the
financial services need of the public in general and business community in
particular.
Growth of Islamic banking in the country has been over 30% in the last few
years, which is certainly above the average global growth rate of Islamic
banking and finance. If this trend continues, then one should expect that in
the next three years Islamic banking assets will at least double from its
current size of Rs926 billion.
The newly unveiled Islamic banking strategy by the State Bank of Pakistan
attempts to double the number of Islamic banking branches from 1,200 in
the next four years, and to increase its market share from 10% to 15%.
Given the huge potential the country has in terms of Islamic banking,
increasing the share to 15% is a modest aim. Indeed, if Islamic banking fails
to achieve 20% share in the market by 2018, by all indicators, it has failed
to reach its potential.
IMPACT OF GDP:
The last five years of Pakistans economy were regarded as highly
inflationary periods due to an expansionary monetary policy and the high
oil prices. Inflation is one of the major obstacles in the way of development
of an economy. The inflation rate was recorded at 13.04 per cent in April
2011. From 2003 till 2010, the average inflation rate in Pakistan was 10.15
per cent. One of the main causes of inflation has been the excess printing
for males and for females it has improved from 66.5 in 2013 to 66.9 in 2014.
Marital status is defined as the personal status of each individual in relation
to the marriage laws or customs of the country. Population distribution by
marital status is the percentage distribution of the population in a given age
group by the different marital status categories. Following Table 12.3 shows
the percentage of married population in different age brackets. The lowest
age bracket is 10- 19 in this age bracket around 7 percent people are
married, which means that average marriage age in Pakistan has increased.
The rate of women and men who have never married shows the decreasing
trend with the increasing age. According to Pakistan Labour Force survey
2013-14, 94 percent of the population of the age bracket 35-39 is married.
The most phenomenal increase in married population may be seen in the
age bracket 20-29 where percentage of married population has increased 73
percent.
INTEREST RATE IN PAKISTAN
The central bank of Pakistan kept its key policy rate at 6 percent on
November 21st as inflation rate stayed below 1.7 percent from July to
October and current account deficit narrowed due to decline in oil prices.
Interest Rate in Pakistan averaged 11.86 percent from 1992 until 2015,
reaching an all time high of 19.50 percent in October of 1996 and a record
low of 6.50 percent in May of 2015. Interest Rate in Pakistan is reported by
the State Bank of Pakistan.
In Pakistan, interest rates decisions are taken by the State Bank of Pakistan.
On 23rd of May, 2015 the discount ceiling rate was replaced by a new official
interest rate, the SBP target rate. This page provides - Pakistan Interest Rate
- actual values, historical data, forecast, chart, statistics, economic calendar
and news. Pakistan Interest Rate - actual data, historical chart and calendar
of releases - was last updated on December of 2015.
EXCHANGE RATE
The USDPKR traded at 105.37 PKR on Friday December 4, according to
interbank foreign exchange market quotes. The Pakistan Rupee averaged
65.41 from 1988 until 2015, reaching an all time high of 108.60 in December
of 2013 and a record low of 18.60 in December of 1988.
The USDPKR spot exchange rate specifies how much one currency, the USD,
is currently worth in terms of the other, the PKR. While the USDPKR spot
exchange rate is quoted and exchanged in the same day, the USDPKR
forward rate is quoted today but for delivery and payment on a specific
future date. This page provides - Pakistan Rupee - actual values, historical
data, forecast, chart, statistics, economic calendar and news. Pakistan Rupee
- actual data, historical chart and calendar of releases - was last updated on
December of 2015.