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Islamic Banks post Rs 9.4 Bn profit

Pakistan’s Islamic banking industry posted a profit of Rs 9.4 billion ($94 million) in July-September 2014, a substantial rise compared to Rs 5.6 billion during the same quarter of 2013, reported The Gulf Today newspaper.

The newspaper, quoting State Bank of Pakistan (SBP) bulletin for July-September quarter, said that Islamic banking share in the overall banking has been increasing, but growth is significantly slow.

Assets of the Islamic banking industry grew by 1.3 per cent to Rs 1,102 billion during the quarter compared to Rs 1,089 billion in the previous quarter. Similarly, its deposits rose to Rs 934 billion during the quarter, the newspaper said.

The newspaper further said, “The market share of Islamic banking assets and deposits in overall banking industry increased from 9.8 per cent and 10.6 per cent by end-June 2014 to 9.9 per cent and 10.7 per cent respectively by end-September 2014.”

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