Islamic banking crucial for future of Pak economy

FAISALABAD: Future of Pakistan's economy is directly linked with Islamic banking, said Faisalabad Chamber of Commerce & Industry (FCCI) Vice President Usman Rauf here Thursday.

Hence, he added, the State Bank of Pakistan (SBP) must expedite its efforts to promote, strengthen and encourage Islamic banking to completely replace Riba-based traditional banking system in the country.

Addressing an awareness session on promotion of Islamic banking at SBP Faisalabad here, he said that Pakistan is an Islamic country and the Muslim majority has inherent inclination towards Islamic banking because of their beliefs and principles.

He said that the FCCI was holding awareness sessions for the benefit of its members and the SBP should also arrange a special awareness sessions on Islamic banking at an early date.

Usman Rauf also presented a proposal to set a special help desk regarding Islamic banking so that the FCCI members could get their Islamic banking related issues resolved.

Muhammad Akbar, deputy chief manager SBP Faisalabad, appreciated the cooperation extended by the FCCI and disclosed that an awareness session on Islamic banking would be organised during the last week of July or the first week of August at the FCCI.

A large number of bankers dealing in Islamic banking, local industrialists and businessmen were also present at the seminar.