Adnan who is also the vice chairman of Albaraka Islamic Bank said that Islamic banking has progressed well in the world during recent years and its growth was recorded at 15 percent compared to formal banking.
He said European banks were setting up subsidiaries for Islamic banking and a full-fledged Islamic Bank has been established in the United Kingdom with 12 branches. Albaraka Banking Group (ABG) is on the board of directors of this Bank, he added.
He appreciated the role of State Bank of Pakistan (SBP) in the promotion of Islamic banking in Pakistan and observed that Bahrain and Pakistan were playing a prominent role in the promotion of Islamic banking.
Adnan said the assets of Albaraka Bank Group have been estimated at 9 billion dollar. Calling Picic a model financial institution in Pakistan, he said his bank wanted to co-operate with Picic in financial matters.
He pointed out that his bank wanted to benefit from Picic's experience in Pakistan.
Speaking on the occasion, Mohammad Ali Khoja said PICIC will hold negotiations with Albaraka Islamic Bank for financial co-operation in Pakistan specially for the promotion of Islamic banking.