The Islamic banking industry may have expanded swiftly in recent years, but the avenues of Shariah-compliant investments available to it remain limited.
While conventional banks can invest in an array of governmentbacked securities, ranging from long-term Pakistan Investment Bonds (PIBs) to short-term treasury bills (T-bills), Islamic banks and banks with Islamic window operations still lack a Shariah-compliant alternative of T-bills.
However, sources in the Islamic banking industry say significant progress has been made in creating a Shariahcompliant investment instrument that will help Islamic banks park their liquidity in the short term.
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