Importance of Islamic Banking system highlighted

Speakers of a seminar said that Islamic Banking system is fully interest free and discouraging all forms of interest related dealings. They observed that there was mere quest for Islamic Banking System in the society, whereas the rest of fields were inconceivable in this regard. The seminar was held under auspices of Sarhad University of Science and Technology, at Peshawar campus.
The speakers were included Vice Chancellor Sarhad University of Science and Technology, Professor Dr Saleem-ur-Rehman, Managing Director, Bank of Khyber, (BoK), Bilal Mustafa, Director, Fast University, Ghayas-ul-Haq, Director, Sheikh Zayyad Islamic Centre, Dr Dost Mohammad, President Bok, Islamic Banking, Dr Mohammad Mushtaq, and Dr Habib from Management Sciences.
The speakers highlighted the significance and importance of Islamic Banking system in the context of present scenario, saying that despite failure the world is still concentrating on socialist and communist economic systems. The Islamic Banking System is not only for Muslim, but the non-Muslim could also take equally benefit for it, said speakers at seminar titled "Islamic Banking & Finance" here on Monday.
The speakers expressed that the Islamic Banking system is purely base on equal distribution of wealth and handy for discouraging nurturing culture of interest in all over the world. If the wealth holds with mere individuals, it will bring negative impacts on the entire society, speakers maintained.
They said that Islamic Banking System is best one as compared to different methodology and ideas. They said that the Zakat and heredity systems are important component in Islamic financing, saying the equal distribution of wealth would make possible through inheritance system as wealth randomly dividing amongst heirs, because of which the economy of every state will become more strength and strongest.
Basically, they said that there would not be considered wealth as quest of life, but it should be exploited as source of life. He stressed the need for making improvement in banking system, if not do so, the Islamic world would further push toward dwindling situation.
In the prevailing situation, they observed the life without exploiting Islamic Banking would be more strain and difficult. He called for mutual and joint efforts for reinforcement of Islamic Banking by taking bankers, economists, and experts on board for the purpose.