Islamic banking rising 15pc annually

MULTAN: The trend of Islamic banking increasing by 15 percents annually and almost all financial organizations are providing facility of Islamic banking.

This was jointly stated by Joint Director State Bank of Pakistan Ghulam Shabbir, senior Joint Director National Institute of Banking and Finance and Member Sharia Board Muslim Commercial Bank, in an awareness session at Multan Chamber of Commerce and Industry, here on Wednesday.

They informed that State Bank and Sharia Boards of Islamic Banks were continuously monitoring the Islamic Banking adding that State Bank of Pakistan was providing training regarding Islamic Banking.

There are over 2000 branches of Islamic Banks, operational across the country, they informed.

Mufti Sabir Hussain stated that our all economic activities should be framed as per teachings of Islam.

He informed that Islamic Banks did not offer interest to their account holders.

He said that Islamic Bank invest amounts and offer profit share to its account holders.

If a bank earns more then it offered more share to account holder, and in case of low profit, it provide low profit, similarly, Islamic Banks offer amounts for commodities, on sharing basis only, he added.

On this occasion, representatives of various banks were also present.