Pakistan launches media campaign to boost Islamic finance
Disappointing earnings from two American technology giants, Microsoft and Google, weighed on markets after a stellar run that has seen Wall Street?s main indexes post a series of all-time highs. The Standard & Poor?s 500-stock index fell 0.2 percent, the Dow Jones industrial average lost 0.3 percent, and the Nasdaq composite slumped 0.9 percent. Stocks around the world have had a solid week, especially after the Federal Reserve chairman, Ben S. Bernanke, indicated that the central bank?s monetary stimulus may remain in place for longer than many in the markets had been predicting.
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I am optimistic that we can agree on mutual standards. The action plan gives us clear and ambitious goals on the timing.” FED EXIT Finance ministers and central bankers meet at a sensitive time with the U.S. Federal Reserve intent on slowing, then exiting a bond-buying programme that created $85 billion a month, news that has sent ripples through emerging nations. “The Fed announcement led to a broad echo especially in emerging nations. So, I can imagine that the topic will be discussed in Moscow, especially as the central bankers, the relevant actors, are at the table with us,” Schaeuble said.
“There still prevails a significant population that is either unaware of Islamic banking or have confusions and misconceptions about its current paradigm,” said central bank governor Yaseen Anwar at the launch of the campaign on Thursday. The campaign, developed alongside local Islamic banks, would help the industry reach ambitious targets including a doubling of its branch network in five years and a 15 percent share of the banking system, Anwar added. As of March, the industry held an 8.7 percent share of banking assets and 9.7 percent of deposits, central bank data shows. The country’s Islamic banking industry includes five fully-fledged Islamic banks and five takaful (Islamic insurance) firms, with an additional 12 conventional banks offering services through Islamic windows.