Islamic banking seminar held

LAHORE: There is an urgent need to promote awareness on Islamic banking through more and more interactive sessions.

It was stated by Vice President and Regional Chairman of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Chaudhry Muhammad Saleem Bhullar addressing an awareness seminar organised by FPCCI Standing Committee on “Islamic Banking” in collaboration with Meezan Bank here at FPCCI Regional Office Lahore here on Wednesday.

“The Islamic banking industry has improved its position in the banking system of Pakistan,” Bhullar said.

He added that currently, 22 Islamic banking institutions (five full-fledged Islamic banks and 17 conventional banks having standalone Islamic banking branches) were offering Sharia-compliant products and services through a network of 3,456 branches and 1,638 Islamic banking windows (dedicated counters at conventional branches) spread across 124 districts of the country.

He said State Bank of Pakistan (SBP) was guiding the development of Islamic banking on a solid basis by issuing a strategic plan for the Islamic banking industry.

Meezan Bank's Shariah Scholar Mufti Moaz Ashraf Usmani briefed the participants on the principles of Islamic banking.

General Manager Corporate Central Meezan Bank Faisal Iqbal gave a detailed briefing to the participants about Meezan Bank's Islamic banking products.