A: The significant growth of Islamic banking in Pakistan can be primarily attributed to three key factors: religious beliefs, the resilience of Islamic finance during global financial crises and the availability of a diverse range of financial products that present a credible alternative to the conventional banking system.
A notable 2014 KAP [knowledge, attitudes and practices] study conducted by the State Bank of Pakistan (SBP) revealed that more than 88% of the population in Pakistan regards banking interest as riba [unjust gain], underscoring the strong inherent demand for Islamic banking in the country.
