Financial sectors specially banks play a vital role in the development of economy. For individual and collective well-being banks enable to achieve concrete objectives through a beautiful mixture of resources.
History of Islamic Banks
1963,Malaysia ,Tabung Haji
1972,Egypt “Naseer Social Bank
1973,Jeddah ,Organization of Islamic Conference (OIC)
1973,Philippine Amanah Bank
1975,Dubai Islamic Bank
1977,Faisal Islamic Bank of Sudan, Faisal bank of Egypt
1979,Bahrain Islamic Bank
2002,Meezan Islamic Bank of Pakistan (Ahmad,2010)
Till today, there are 5 full fledge Islamic banks working in Pakistan having 767 branches.15 conventional banks also providing Islamic banking services through their 451 branches throughout the country along with 96 sub-branches by Islamic and conventional banks .Therefore, total network of Islamic branches is 1314 having total assets of 1016 Billion Pak rupees and total deposits of 872 billion Pak rupees. Islamic banking has achieved a growth rate of 15-20% and captured 12% share of total banking of the country.