Page 77 - CMA Journal (Mar-Apr 2025)

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64% have or would consider opening an account with Meezan Bank

The survey shows that 64% of respondents Which of the following top islamic banks in Pakistan do you currently have
have or would consider opening an account an account with, or would consider opening an account with in the future?
with Meezan Bank, highlighting its strong
position in the Islamic banking sector. 6%
Additionally, 18% favor Faysal Bank, 15%
prefer BankIslami Pakistan, while smaller 15%
shares mentioned Al Baraka and Dubai ave 7%
Islamic Bank, reflecting Meezan Bank’s clear anet
lead in public preference. 18%
/ƐůĂŵŝĐ ƌĂŶĐŚ ŽĨ Ă
ŽŶǀĞŶƟŽŶĂů ĂŶŬ 11%
64%
EŽŶĞ ŽĨ ƚŚĞ ĂďŽǀĞ 17%

45% find Islamic banks in Pakistan somewhat similar to conventional banks

Do you think Islamic banks in Pakistan operate as The survey reveals that 45% of
truly interest-free institutions? respondents perceive Islamic banks in
Pakistan as somewhat similar to
conventional banks. Among the
22%
Yes, they participants, 23% feel that Islamic banks
are truly 23% are “not interest-free at all,” reflecting
interest-free No, not skepticism about their adherence to
interest-free at all
interest-free principles. In contrast, 22%
believe they are “truly interest-free,”
10% while 10% expressed “no opinion,”
M
M
M
M
M
M
Unsure IMF F F F F
indicating uncertainty.
45%
Somewhat
similar to
ĐŽŶǀĞŶƟŽŶĂů
banks
53% feel Islamic banking products are only somewhat shariah-compliant
What do you think about the government’s projected 3.6% GDP growth
A majority of respondents (53%) believe
in Budget 2024-25, compared to last year’s GDP growth rate of 2.38%?
that Islamic banking products in Pakistan
are “somewhat Shariah-compliant but
require improvement,” signaling a need 13%
for stronger adherence to Islamic Yes, 28%
principles. Additionally, 28% consider completely No, they are not
them “not fully compliant,” reflecting fully compliant
notable concerns. Only 13% believe the
products are “completely compliant,”
while 6% had no opinion—underscoring 6%
53% Not sure
the need for enhanced Shariah
Somewhat, but
compliance to strengthen public trust. improvements
are needed

ICMA’s Chartered Management Accountant, Mar-Apr 2025 75