Assets of IBI grew by 30.6 percent in CY21, while deposits increased by 24.2 percent during the same period. As a result of this strong growth, the market share of Islamic banking assets and deposits in the overall banking industry increased to 18.6 percent and 19.4 percent, respectively, by end Dec 2021.
Economy
PSX started the day with bullish sentiment and the benchmark 100-index gained 208 points and mounted to 45,136 points till 11:50 am with trading of 47.6 million shares valuing 2.548 billion rupees.
OPEC crude oil price has further increased today, to $110/barrel, up 0.37 percent from previous price. OPEC’s crude oil is staying above Brent’s value due to Houthis attack on Saudi Arabia’s largest oil depot in Jeddah this week.
About $3 billion decline in the foreign exchange reserves of State Bank has caused a further blow to the value of rupee against dollar which increased to around 184 rupees in the inter-bank and above 185 rupees in the open market.
The SBP said that its foreign exchange reserves fell to $12.047 billion in the week, ending on March 25 because of a large repayment of Chinese loans, with the balance being ordinary debt payments.
Moody’s said in a statement that the vote of no confidence came at a time when Pakistan was grappling with growing inflation and widening current account deficits because of rising global commodity costs.
Trading volume of the PSX edged up to 163.93 million, involving more than 5.7 billion rupees worth shares trading on March 31, 2022.
The State Bank of Pakistan today issued a circular to the domestic banks to deduct Zakat at source in case the amount available in profit and loss accounts is either Rs 88,927 and or above this threshold.