Pakistan is on track to transition to an Islamic economy by 2027. Federal Sharia Court approved this in 2022, and gave institutions an opportunity until the end of 2027 to fully transform.
About 20 Islamic banks are currently active in Pakistan. Islamic banks find greater demand from Pakistanis, in addition to Islamic banks achieving greater profits than traditional banks. The market share of the assets and deposits of the Islamic banking industry in the public financial sector reached 19.6% and 22.5% last September.