Promotion of Islamic banking system stressed

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) acting president Ijaz Khan Afridi on Friday stressed the need for taking pragmatic steps for promotion of Islamic banking and finance system.

He was speaking at an awareness seminar on ‘Islamic Banking and Finance for Business Community, jointly organized by the Bank of Khyber (BoK) and IMSciences Peshawar in colaboration with the SCCI here.

Keynote speakers at the seminar include the BoK Sharia Compliance Department official/ Shariah Scholars Abdul Haleem Khan, Mufti Fazal Hakim, and IMSciences faculty member Dr Adnan Malik.

Shariah scholars and officials from IMSciences and BoK briefed participants about various modes of Islamic Banking and its significance through their comprehensive multi-media presentation.

The experts said the tendency of Islamic banking system has not increased in Pakistan but it has played a vital role in global economic development.

The speakers called upon the business community to take full benefits from schemes launched under Islamic Banking System and contribute their share in promotion of interest-free economy in the country.

Ijaz Afridi in his speech informed that Pakistan’s Islamic Financing has been increased by 20 per cent in the banking sector and State Bank of Pakistan (SBP) had been striving to increase this share to 35 per cent.

The Sarhad Chamber of Commerce and Industry acting chief urged the central bank to issue directives to banks to maximise focus on promoting Islamic Banking in Khyber Pakhtunkhwa.Besides, he emphasised that banks should be instructed to enhance the lending ratio and financing facility for the business community in KP - which had been adversely affected by terrorism.