The Bank of Khyber Abbottabad organized a seminar fostering Islamic banking practices and eradicating interest-based transactions on the other day.
Mufti Fazl Hakim highlighted that the Bank of Khyber is diligently following Shari’a principles under the guidance of the Shari’a Board, striving to offer interest-free capital investment and uphold an Islamic economic framework as ordained by Allah.
He emphasized that the Creator has clearly demarcated the permissible from the prohibited.
Fazl Hakim underscored that the Holy Quran comprehensively addresses various aspects, encompassing beliefs, societal matters, and transactions. He characterized banking as an industry.
Hafiz Muhammad Zahid, the area manager of Islamic Banking Islamabad, highlighted that banks are the backbone of country’s economy. He further stated that out of the 31 banks operating in the country, five are dedicated to Islamic banking, with the Bank of Khyber being a prominent player.
However, he expressed concern that despite being founded on Islamic principles, a substantial 75% of Pakistan’s economy is still reliant on interest-based transactions. Hafiz Muhammad Zahid revealed that the Bank of Khyber, with its 240 branches, is a pioneer in the field, with 50% adhering to Islamic principles while in contrast, the remaining banks only have 20% coverage.
The bank operates under the supervision of the Shari’a Court and Muftis, aiming to lead the way in promoting Islamic banking, he urged the citizens of Abbottabad to actively participate in Bank of Khyber’s endeavors for the betterment of the nation and the propagation of Islamic banking.
Hafiz Zahid said called on them to help in eliminating the interest-based system and fostering a society free from such practices.
The seminar was attended by various notable figures including Advisor to the Shari’a Board of BoK Abdul Samad, Head of Shari’a Research and Revenue Department Mufti Fazl Hakim, Head of Business and Liability Mohammad Adeel, District Khateeb Mufti Abdul Wajid, Mufti Kaleem, Maulana Sarfaraz Farooqi from Jamiat Ahl-e-Hadith and Maulana Khurshid Ahmed Khateeb of Jama Masjid Kachhari.—APP
