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Ishrat stresses need for promoting Islamic banking

Staff Reporter

Adviser to the Prime Minister on Civil Service Reforms and Austerity, Dr Ishrat Hussain has stressed the need of promoting Islamic Banking. He stated this while addressing the 7th Global Forum on Islamic Finance. He said that Islamic finance can be used for the eradication of poverty, building of basic infrastructure and for human resource development.
He also said that in Islamic Banking investment can be made through Zakat, Waqf and Qarz-e-Hasna. He said that Prime Minister Imran Khan’s priority is eradication of poverty in the country. He was of the view that conventional banking is only beneficial for investors. He said that government is constructing 5 million low cost houses. The construction of these houses will create jobs.
Food Minister Sami Ullah Chaudhry said that government will spend Rs 200 billion for buying wheat. He also said that there is a need to create awareness among the people regarding Islamic Banking. Minister Higher Education Raja Yasir Hamayun said that Islamic Banking is playing an important role in the economic system of the country. He also said that Higher Education Department is playing an important role in the promotion of research culture in the universities.