Saturday, 19 May 2012 19:44
KARACHI: Speakers at the 1st Islamic Finance Expo and Conference have asked Islamic banks to distribute the profit among shareholders and depositors alike and on the basis of Islamic principle of justice.
They said that depositors hand over their savings to Islamic banks and it is their duty to also give a fair return to depositors on their saving and fo not just ensure the interest of shareholders of the bank.
They advised Islamic banks to simplify housing loans to attract people who want to buy houses on the basis of Shariah financing. They also warned the banks to avoid using ?haram funds? (forbidden money) for Islamic banking transactions. Forbidden funds cannot be converted into halal (permissible) funds through Islamic banking, he observed.
The conference was jointly organized by Publicity Channel, State Bank of Pakistan (SBP) and Ernst & Young at Karachi Expo Centre Saturday.
Islamic banking expert and Shariah advisor Mufti Rafi Usmaninoted ...