Ladies and Gentlemen, I now turn to the example of Pakistan where we have vigorously introduced Islamic Banking in its true letter and spirit. We considered it totally imprudent to dislocate the entire financial system by directing substitution of the on-going banking by Islamic banking in one-go by a certain given deadline.
Instead, we decided that we should provide a level playing field and afford opportunity for Islamic banking to co-exist with conventional banking. We believed that the choice should be left to the individual consumer whether they would like to switch over to Islamic banking or stick with their existing banks.