Traders demand pragmatic steps for promotion of Islamic Banking in KP

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Traders have urged the central bank to play its proactive role in promotion of Islamic banking in Khyber Pakhtunkhwa.

The business community sought reduction in the rate of Islamic banking.

Furthermore, the traders stressed the need for making schemes that have been introduced by commercial banks to be brought on Islamic banking system in real sense in order to ensure easy access of the people attached with various businesses.

Traders were speaking during a seminar jointly organized by Sarhad Chamber Commerce and Industry (SCCI), Centre For Excellence in Finance (CEIF), Institute of Management Sciences (IMSciences) Hayatabad Peshawar and Bank Alfalah KP region here at chamber’s house on Saturday.

The session was presided over SCCI Senior Vice president Imran Khan Mohmnad, while CEIF IMSciences representatives Adnan Malik and the Bank of Khyber, Sharia Advisor Qazi Abdul Samad delivered comprehensive lectures and apprised the participants about increasing tendency of Islamic banking, obtaining loans procedures and other important points on the occasion.

Besides, the SCCI’s executive members, Pervaiz Khattak, Fazal Muqeem, senior members Saddar Gul, Faiz Rasool, Fazal Wahid, Ihsanullah, Ishtiaq Muhammad, representatives of Al-Falah Bank, members of business community, traders, industrialists, exporters, importers present in a large number in the seminar.

Key-note speakers on the occasion said the tendency of Islamic banking system has not increased in Pakistan but it has played a vital role in global economic development.

Alongwith the conventional banking system, the panelists said”A large number of people are taking benefits from Islamic banking. A sense of great satisfaction among people attached with various businesses is being witnessed owing to gaining ‘interest-free’ loans and profits through Islamic Banking, which is the main reason behind shifting tendency of people from conventional to Islamic banking system,” the speakers noted.

Senior office bearer of Sarhad chamber said “Islamic banking share is approximately around 15 per cent in the country.”

He called for creating awareness among people about Islamic banking, which is a dire need of the hours.

Imran Mohmand expressed anguish over the allegedly declaring Khyber Pakhtunkhwa as ‘Red zone’ by the commercial banks as their lending in KP region is less than 2 percent, which is highly condemnable.

The SCCI SVP urged the State Bank of Pakistan to play their due role in promotion of Islamic Banking in Khyber Pakhtunkhwa and ensure maximum lending of commercial banks in this region.

The chamber office bearer expressed hope that the country’s economy would be stabilized by promotion of Islamic banking, saying that the country would get rapid progress through an ‘interest-free’ Islamic banking system.

Earlier, the SCCI executive members Pervaiz Khattak, Fazal Muqeem, Ihsanullah and others also spoke on the occasion and appreciated the organizers for holding such an informative session about Islamic banking system.

Later, the CEIF IMSciences representatives briefed the participants about the centre’s main functions and steps towards promotion of Islamic Banking system, loans procedures, profits and other key-points about this interest-free banking.

At the end, the SCCI SVP Imran Khan Mohmand and CEIF IMSciences representatives agreed about the formation of a joint committee, meant to create awareness about Islamic banking system among the chamber’s members.—APP

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