Businesspeople underscore need for promoting Islamic banking system

PESHAWAR: Business community has stressed the need for pragmatic steps to promote Islamic Banking and Finance System in Khyber Pakhtunkhwa.

The traders called for making schemes by commercial banks as per Islamic banking system in a real sense in order to ensure easy access of finance to the people attached with various businesses.

They expressed these views during an awareness seminar on ‘Islamic Banking and Finance for Business Community, jointly organised by the Bank of Khyber (BoK) and IMSciences Peshawar in collaboration with the Sarhad Chamber of Commerce and Industry (SCCI) here at the Chamber’s House.

Keynote speakers at the seminar include acting president of SCCI Ijaz Khan Afridi, the BoK Sharia Compliance Department official/ Sharia Scholars Abdul Haleem Khan, Mufti Fazal Hakim, and IMSciences faculty member Dr Adnan Malik.

Besides, officials and representatives from IMSciences and BoK, notably M Ali Yousafzai, Shahab M Khattak, Sardar Gul, former senior vice president Imran Khan Mohmand, Secretary General SCCI Sajjad Aziz, former vice president Abidullah Yousafzai, former executive members Ihsanullah, Fahad Amin, and Saddar Gul, Ishtiaq Muhammad Fazal Wahid and Aqeel Kayani, a large number of members of business community were also present.

During the seminar, Sharia scholars briefed the participants about various modes of Islamic banking and their significance. They said the tendency of Islamic banking system has not increased in Pakistan but it has played a vital role in global economic development.

The speakers called upon the business community to take full benefits from schemes launched under Islamic banking system and contribute their share in promotion of interest-free economy in the country.

Ijaz Afridi said that in Pakistan Islamic financing has increased by 20 per cent in the banking sector and State Bank of Pakistan (SBP) is striving to increase this share to 35 per cent.

The SCCI acting chief urged the central bank to issue directives to banks to maximize focus on promoting Islamic banking in Khyber Pakhtunkhwa.

Besides, he emphasised that banks should be instructed to enhance the lending ratio and financing facility for the business community in KP, adversely affected by terrorism.

He said that it is in dire need of hour to promote an interest-free banking and financing system, which could only be made possible with fostering of Islamic banking.

He called for organising further awareness sessions for the business community regarding Islamic banking and finance and appreciated the efforts of BoK and IMSciences in this regard.

Copyright Business Recorder, 2023