'Islamic Banking system has emerged as new role model'

Finance Minister Dr Abdul Hafeez Shaikh has said that Islamic Banking system has emerged as new role model after the global financial crisis. Speaking as chief guest at the inaugural session of 1st International Conference on Islamic Business and Finance organised by Riphah International University here at National Institute of Banking & Finance (NIBAF) on Tuesday.
The minister said that Islamic finance can become an engine of economic growth. He said that there is need to increase investment in Islamic banking system. He said that more than 1100 branches of Islamic banks are operating across the world to provide financial services. There are over 600 branches of Islamic banks in Pakistan, he said stressing the need to increase its out reach to agriculture sector as well.
The two days conference began here at NIBAF with finance minister as Chief Guest at the Inaugural session. The Deputy Governor of State Bank of Pakistan Yaseen Anwar was the Guest of Honor on the occasion. A statement said that earlier, Professor Dr Anis Ahmed, Vice Chancellor Riphah International University, in his welcome address, threw light on the aims and objects of the International Conference on Islamic Business and Finance.
He said the purpose of holding this conference is not only to discuss the present state of national and international economies but also to promote concept of Islamic business. Islam is a complete code of life which also envisages our economic needs clearly.
Senator Professor Khurshid Ahmed, in his address, spoke on the salient features of Islamic Banking and Finance. He explained how the Islamic system of finance can help resolve the present day economic problems being faced by Pakistan and other countries. The Governor State Bank of Pakistan, in a message, expressed the hope that the Conference will provide meaningful input for future growth of the Islamic banking Industry in Pakistan.