Wednesday May 31, 2023

Traders call for steps to promote Islamic banking

By Bureau report
June 26, 2022

PESHAWAR: The traders here on Saturday called for steps to promote Islamic banking in Khyber Pakhtunkhwa.

The Sarhad Chamber Commerce and Industry (SCCI), Centre for Excellence in Finance (CEIF), Institute of Management Sciences (IMSciences) Hayatabad Peshawar and Bank Alfalah KP region had jointly organized the seminar at the Chamber House.

SCCI Senior Vice president Imran Khan Mohmand presided over the seminar.

CEIF IMSciences representatives Adnan Malik and the Bank of Khyber, Sharia Adviser Qazi Abdul Samad talked about the increasing tendency of Islamic banking, obtaining loans and other important points. SCCI executive members, Pervaiz Khattak, Fazal Muqeem, senior members Saddar Gul, Faiz Rasool, Fazal Wahid, Ihsanullah, Ishtiaq Muhammad, representatives of Al-Falah Bank, members of business community, traders, industrialists, exporters and importers attended the seminar.

The traders stressed the need for bringing the schemes of commercial banks into Islamic banking system. Keynote speakers said the tendency of Islamic banking system had increased in Pakistan and it was playing a vital role in global economic development.

Along with the conventional banking system, the panelists said a large number of people were benefiting from Islamic banking.

A sense of great satisfaction among people attached with various businesses is being witnessed owing to gaining interest-free loans and profits through Islamic Banking, which is the main reason behind shifting tendency of people from conventional to Islamic banking system, the speakers noted.

Senior SCCI office-bearer said the share of Islamic banking was approximately around 15 per cent. He called for creating awareness among people about Islamic banking.

Imran Mohmand resented that commercial banks had declared Khyber Pakhtunkhwa as ‘red zone’ and said their lending in the province was less than 2 per cent.

The SCCI SVP urged the State Bank of Pakistan to play its role in promotion of Islamic banking in Khyber Pakhtunkhwa and ensure maximum lending of commercial banks.

He hoped that promoting Islamic banking would help stabilize the economy and pave the way for the country’s rapid progress. Earlier, SCCI executive members Pervaiz Khattak, Fazal Muqeem, Ihsanullah and others appreciated the organizers for holding an informative session on Islamic banking system.

Later, the representatives of CEIF IMSciences briefed the participants about the steps to promote Islamic banking, loan procedures, profits and other key points about interest-free banking. At the end, Imran Mohmand and CEIF IMSciences representatives agreed to format a joint committee to create awareness about Islamic banking.