Jamia-tul-Madina students visit SBP, briefed on Islamic Banking

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Central Ruet-e-Hilal Committee Member Mufti Ali Asghar paid a study visit to the State Bank of Pakistan (SBP) along with a delegation of Jamia-tul-Madina Faizan-e-Madina’s students of the first and second year doing Specialization in Jurisprudence and Islamic Finance.

On the invitation of SBP, Islamic banking expert and Shariah adviser of Micro-finance Bank Mufti Zahid Siraj shed light on the State Bank’s regulations and infrastructure of the Islamic banks while the SBP Islamic Banking Department Additional Director Ghulam Shabbir gave the initial briefing to the delegation.

On this occasion, Mufti Ali Asghar who is also the President of Islamic Economic Center Darul Ifta Ahl-e-Sunnat and Mufti Zahid Siraj were also presented with a commemorative shield by the SBP.

The delegation visited the State Bank Museum, where they were briefed on the human history pertaining to currency and different civilizations from the stone age currency of Moenjo Daro era to the present-day development.

Arslan Amjad, assistant director of the museum, informed the students that a tola consisted of twelve mashes and twelve mashes were made up of eight ratti which was the smallest scale at the micro level in ancient times.

He showed the tools used for prize bonds in the old days for lucky draw before the digital system besides Pakistan’s first Automated Teller Machine and note shredding machine.

He told the delegation that old notes were burnt some time ago but now they were shredded.

At the end, each participant of the delegation was gifted a packet, which was carrying more than one million worth of notes, but they were not in the original condition as they were shredded and after making sawdust, they were converted into small blocks and used as paperweight.—Agencies