SBP Governor seeks financial products for agriculture, SMEs under Islamic banking system

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KARACHI – State Bank of Pakistan Governor Dr. Reza Baqir on Monday stressed on a need for expanding the financial products under the Shariah-Complaint system.

Addressing the 4th Roundtable conference (RTC-IV) on Islamic Banking organised by Pakistan Observer in Karachi, he called for designing products for the agriculture and Small and Medium Enterprises (SME) under the Islamic banking system to facilitate the people attached to these sectors.

Apprised the participants about the Islamic banking facility available in over 60 countries, he said it was moving in the right direction.

He told the gathering that the Pakistani nationals settled aboard took keen interests in Shariah-complaint system.

The response of the people on all the schemes which had been launched in the past two years in line with the Shairah-complaint were remarkable, he recalled.

He also called for designing products for the agriculture and Small and Medium Enterprises (SME) sectors under the Shariah-Complaint system, to facilitate the people attached to these sectors.

Advisor to the Prime Minister Dr. Ishrat Hussain said that Islamic Banking system has gained the potential to meet the modern challenges and it could appear as an alternative to the conventional system.

He also called for need to pay attention by the Islamic banking to the neglected sectors.

Speaking on the occasion, Mufti Najeeb said efforts were being made all over the world to promote the Islamic banking. Mufti Najeeb also suggested that the Islamic banking should be incorporated in the education curriculum of the country.

Read more: https://pakobserver.net/president-alvi-calls-for-establishing-islamic-shariah-compliance-instruments-in-pakistan/

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