Islam prohibits interest-based banking: Mufti Khaleel

Awareness seminar on Islamic banking held at ICCI

Islamabad—An awareness seminar on Islamic Banking organized by Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Bank Al-Falah was held here. A large number of business community attended the seminar. Chairman, Sharia Board of Bank Al-Falah, Dr. Mufti Khaleel Ahmed Azmi gave a detailed lecture to the participants about the importance of converting to Islamic banking for promoting business and investment activities. He said Islam fully supported and encouraged savings and investment and promotion of business and economic activities by using Sharia-compliant mode of financing.
He said that there were three modes of financing in Islamic banking viz. equity-based financing, trade-based financing and rental-based financing and explained their key features. He said business community could use these financing modes to meet the needs of working capital and other funding requirements of their businesses. He said many blue chip companies were now meeting their financing needs through Islamic banking products and Islamic banking was now accounting for 12-13% of total banking in our country which showed its good growth.
He said Islamic banking offered all types of products to meet the needs of trade and industry and they should avail these Sharia- compliant banking products for promotion of their business ventures. In his opening remarks, President, ICCI, Atif Ikram Sheikh stressed for creating maximum awareness about Islamic banking so that business community and general public could get rid of interest-based banking.—APP

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