Cultivating Good Prospects

The Government of Pakistan took several steps to Islamize Pakistan’s banking system. Despite setbacks, they ultimately succeeded in setting up this system. After the Islamization of banking, Islamic products were introduced. Moradabad operated as a corporate entity under the regulating framework of Security and Exchange Commission of Pakistan (SECP). The Moradabad initially made good progress, but later on, its growth was checked. Other Islamic products, like Sukuk, are also operating. Islamic funds and Islamic pension funds were also launched, and are regulated by SECP.