Daily Times

An Islamic Banking awareness session was held at the Multan Chamber of Commerce and Industry in collaboration with the State Bank of Pakistan (SBP) Ml here on Wednesday.

In his opening remarks, President MCCI, Mian Bakhtawar Tanveer Sheikh, said that all the products offered by conventional banking were also available in Islamic banking. By raising awareness about Islamic banking, businesses can be started or expanded. The SBP was playing an important role by disseminating information to business people and others so that they can operate according to the principles and regulations of Islamic banking. He mentioned that the MCCI in collaboration with the central bank ,was working on women empowerment and social security, and efforts were being made to raise awareness about financing products. “We aim to continue organizing awareness sessions with stakeholders to benefit from these and promote mutual cooperation,” he added.

Deputy Chief Manager SBP , Muhammad Adil Khan, said that the bank, in light of the Federal Shariat Court’s directives,was working to transition conventional banking into Islamic banking by December 2027.

In this regard, the SBP was taking steps to meet the challenge of promoting Islamic banking, with Faysal Bank serving as a model for Islamic banking.

He also mentioned that the SBP aimed to bring all stakeholders on board, and its Islamic Finance Department has become active. Committees have been formed at the regional level, comprising six members under the leadership of the relevant State Bank Chief Manager, and work was underway in four areas, including roadshows, educational institutions, schools, and the business community/Chamber of Commerce and Industry. Courses on Islamic banking were being introduced so that future generations can carry forward the concept of Islamic banking.

During the session, Deputy Director Fahim Arshad and Kiran Amjad spoke about working with various stakeholders to raise awareness about Islamic banking.Faysal Bank and Meezan Bank have been given specific responsibilities. Training with certification was being provided to university, college, and madrasa students. “Only through collaboration between the Chamber, industry, and academia can we achieve our goals,” they stated.

Mufti Umar also discussed various products related to Islamic banking and answered participants’ questions. Vice President of the Chamber, Azhar Javed, thanked the participants and emphasized the need for greater awareness of Islamic banking. The session was attended by former President of the Women Chamber of Commerce, Seerat Fatima, members of the Executive Committee of the Chamber, Zafar Iqbal Siddiqui, Ramadan Bhutta, Senior Vice President of the Chamber of Small Traders and Small Industry Sheikh Fahim Sattar, Secretary General of the Chamber Muhammad Shafiq, and other representatives from the banking sector.