NWFP government takes pride in introducing Islamic banking

NWFP Minister Siraj-ul-Haq has said that the MMA government had introduced Islamic banking soon after coming at the helm of affairs and visible progress and achievements have been made and soon people would get rid of the banking and economic system based on interest, exploitation and self-interest. He was addressing a seminar on 'Prospects of Islamic Banking' at Hayatabad as chief guest on Saturday. The seminar was jointly arranged by CECOS University, Khyber Bank and Gonet ISP. He said that his government faced the challenges of resource constraints, economic crisis, heavy debt burden and reformation of the prevalent corrupt system from the very beginning.
"But we by the dint of our better policies of good governance, financial discipline and austerity reduced the heavy loan volume of Rs 70 billion."
He said that early repayment of Rs 10 billion loan to the Centre and saving Rs 2 billion annually as mark-up was nevertheless a big achievement.
He said that the MMA government not only managed the BoK affairs in accordance with people's aspirations by introducing Islamic banking but also made it a profitable institution.
The minister said that improvement of agriculture and industrial sectors were also among top most priorities of the provincial government. More barren land was being brought under cultivation to meet wheat requirements of 3.1 million tons against present produce of 1.1 million tons, he said, adding that four new small irrigation dams had been completed and 1.1 million acres land irrigated. He said that planning has also been made for bringing one million acres more barren land under cultivation. Similarly, he said, the path of social and economic development was being opened through new industrial policy and investment providing incentives at local level to the entrepreneurs in NWFP.
The function was also addressed by Ghulamur Rahman, Prof Muhammad Abbas, Muhammad Asad, Engr Tanveer Javed, Prof Atif Waheed, and Obaidullah who highlighted various aspects of Islamic banking and scope of its promotion in world economy.