Daily Times

KARACHI: Islamic Banking and Finance (IBF) system can bring prosperity to society, if we act seriously on Islamic way of life especially in our financial matters.

The Islamic financial system experts mentioned banking system in country having excellent opportunities for investment in various sectors like hydel power, minerals, forests, tourism and other natural resources etc that could further widen its spheres in case of true IBF system.

Despite significant demand of liquidity to run industrial and trade activities, a large number of the loan seekers in desire of interest-free banking remained unattended.

The prime export-oriented industrial sectors have urged government to take serious note of the situation as business community always in need of money to meet their export and input imports money requirements.

Agha Saiddain, Ghulam Rabbani, Ibrahim Qureshi, Shakeel Ahmad, Sanaullah Khan and Qamar Qureshi executives of tanning, textile, business forum, agriculture sector, marble and minerals, economic forum and others segments of trade were of the view that business community and general public would appreciate speedy change in current banking interest system and are confident in future State Bank and Finance managers of the country would put whole banking system into true Islamic banking mode.

Bank of Khyber, for instance has distributed over Rs 2.7 billion interest-free loans to more than 22,000 youth besides providing over Rs 3.6 billion for Kifalat.

Bank is also promoting Islamic Micro Finance in province and investment opportunities besides ready to offer all possible facilities to business community for their investment in KPK.

An official of Islamic Banking State Bank of Pakistan appreciated the role of Bank in IBF services and this mode of banking and financial services are getting importance across the country.

State Bank is fully supporting and promoting Islamic banking system in and presently more than 23 banks are offering Islamic banking and financial services in which more than 6 banks are completely Islamic banks while 20 banks are having Islamic Banking Windows.

A member of Shariah Supervisory Board said we should act seriously on Islamic mode of financial and economic services structure in country.

He informed presently government of KPK has been offering various facilities to the traders and business community for mutual benefits on this mode of finance.

Published in Daily Times, July 4^th , 2017.