Islamic banking, which is growing in the world in general and in Islamic countries in particular, has no link whatsoever with terrorism financing, head of Islamic Banking Division of State Bank of Pakistan, Pervaiz Saeed, said here on Tuesday. "There might be some negligible hidden financing, but systems are there to check any such activity, even at minute level," he asserted.
He was speaking at 'Meet the Scholar' programme, organised by Standard Chartered Bank for prominent Shariah scholars, officials of State Bank of Pakistan, Heads of Islamic Banking Divisions of different Financial Institutions and key customers.
He said that Islamic banking is growing in Pakistan at the rate of 15 percent, compared to 10 percent growth the world over.
Prominent Islamic banking experts and Shariah scholars Dr Abdul Sattar Abu Ghuddah from Saudi Arabia and Sheikh Nizam Yakubi from Bahrain participated in the programme.
The objective of 'Meet the Scholar' session was to provide a forum for the local players of Islamic banking industry to exchange their experiences with the world-famed scholars and develop strategies to meet the future challenges facing the Islamic banking industry. Pervaiz Saeed said that around Rs 50 billion investment has so far been made through Islamic banking sector in the country, whereas the total estimation of Islamic banking the world over is $200 to $300 billion. He said that two banks in Pakistan have started complete Islamic banking, whereas two others, which have got the licence, would be starting their operation shortly.
He said that Standard Chartered was the first international bank, which started Islamic banking in Pakistan.
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