President Alvi calls for establishing Shariah-compliant financial instruments in Pakistan

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A good Islamic society opposed the accumulation of wealth

KARACHI – President Dr Arif Aliv on Monday called for establishing Islamic Shariah Compliance Instruments in Pakistan in order to promote spiritual satisfaction among people, availing loan facilities from the banks.

Speaking as a chief guest in the 4th Roundtable conference (RTC-IV) on Islamic Banking organised by Pakistan Observer in Karachi, he also stressed a need of creating awareness among women about loan facility.

He said that the banking sector should take exclusive measures for providing loans to women in order encourage them to set up their small businesses.

President said that now banking sector all over the world offer loans against potential, ideas and knowledge. He said that the Kamyab Jawam Programme following the same spirit in line with PTI’s manifest of Riyasaat e Madina.

He urged the banks to develop links with universities to support the trend of research on latest trends and demands of the market.

He called for establishing separate organization for research where the students of universities could conduct study on a variety of topics as a requirement of Mphil and Ph.D studies.

The banking sector would get the required researches while the students would be encouraged to work with more dedication, he added.

Dr. Arif Alvi termed the concentration of capital as painful, adding that it was too against the teachings of Islam as a good Islamic society opposed the accumulation of wealth.

Transfer of inheritance of wealth and property must be done immediately after the death of a person, he noted.

The President observed that the discrepancies between the rich and poor sections had largely increased during the period of 2014 to 2018.

He said the institutions and organizations all over the world were being compelled to safeguard the interests of their customers, workers, society and also ensure justice.

Earlier, Federal Minister for Finance and Revenue, Shaukat Tarin, Advisor to the Prime Minister, Dr. Ishrat Hussain, Governor State Bank of Pakistan, Dr. Reza Baqir, Chairperson Pakistan Stock Exchange, Dr. Shamshad Akhter, Chairman Shariah Board of Sindh Bank – Islamic Banking Division Mufti Muhammad Najeeb Khan also spoke while Governor of Sindh, Imran Ismail and other notables were also in attendance.

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