Islamabad (TDI): Islamic banking deposits have surged to Rs7.4 trillion, the Deposit Protection Corporation’s (DPC) annual report revealed on Friday.
According to the DPC’s report for the fiscal year ended June 2024, the overall deposits held by domestic banks surged to Rs31 trillion, registering a 22 percent yearly growth. These include Rs23.8 trillion in conventional banking and Rs7.4 trillion in Islamic banking.
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On a year-on-year (YoY) basis, total deposits registered a 22 percent growth during the fiscal year 2023-24, compared to a 12 percent growth rate in the previous fiscal year.
This strong growth also boosted the volume of eligible deposits to Rs16.9 trillion by the end of June 2024, up from Rs14 trillion in June 2023. Rs12.2 trillion of the total eligible deposits are held by conventional banks and Rs4.7 trillion by Islamic banking accounts.
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As of June 30, 2024, scheduled banks reported 79.2 million depositors, with over 78 million classified as eligible depositors. Of these, 98.9% were eligible for deposit protection, covering 98.9% of conventional banking depositors and 98.6% of Islamic banking depositors.
These eligible deposits are protected up to the specified limit under the Deposit Protection Corporation (DPC) framework. The DPC’s deposit protection fund reached Rs148 billion, indicating its strong capacity to safeguard depositor interests.
