ISLAMABAD: A parliamentary panel on Wednesday raised questions over the alleged exploitation of customers by Islamic banks while clearing two banking sector laws in line with requirements of the International Monetary Fund (IMF) under the $7bn Extended Fund Facility (EFF).

The Senate Standing Committee on Finance and Revenue, which met on Wednesday, called for greater transparency in Islamic financial institutions’ operations and a detailed comparative analysis of profits charged to consumers and the overall profitability of Islamic banking with other countries.

Senator Saleem Mandviwalla presided over the meeting, which directed the State Bank of Pakistan (SBP) to provide a detailed briefing on Islamic banking after Mr Mandviwalla alleged that Islamic banks were taking advantage of........

© Dawn Business