Pakistani Central Bank to Push Shariah
Pakistan’s central bank has published a detailed five-year plan to promote Islamic finance through an array of proposed legislative changes, product incentives and instructions to market participants.
The plan aims to double the branch network of Islamic banks, which now have about 1,200 branches, and increase the industry’s market share to 15 percent of the banking system by 2018 from roughly 10 percent now.
This is just the latest evidence that Shariah-Compliant Finance is not a part of free enterprise. Quite to the contrary, Shariah Finance could not exist except with the propping up by centralized, planned economics. Note that in Pakistan, a nation that is virtually 100% Muslim, the current market share for Shariah banking is just 10%. The Pakistani Central Bank’s 5 year plan aims to raise that to 15%. Not even Muslims in wholly Islamic nations are buying into Shariah banking and finance, yet useful idiots in the West continue to push their establishment here…