Today there is more than ever a compelling environment for Islamic finance industry to capitalise on its inherent strengths like asset backed nature of financial  1  Global Islamic Finance Report 2017  Page 1 of 4  transactions, being devoid of interest and prohibition against gambling, uncertainty and speculation to move away from the traditional business models and explore new opportunities.
Talking about domestic industry, the fast growth of Islamic banking in Pakistan would not have been possible without sound regulatory, supervisory and Shariah foundations laid down by the State Bank of Pakistan under my illustrious predecessors. Promoting Islamic finance has remained an important component of strategic goals of the central bank.