An institute named Darul Uloom Memon has been set up at New Memon Masjid Boulton Market for the promotion and awareness of Islamic banking in the country. The institute was inaugurated on Sunday by Chairman Ruet Hilal Committee and Patron of the Institute Mufti Muneeb-ur-Rehman, Chairman New Memon Masjid and prominent social and business personality Haji Rafiq Perdesi and Chairman Saylani Welfare Trust Maulana Bashir Ahmed Farooqi. The principal of the institute Allama Amir Shami, trustee Amjad Chamria, SHO Kharadar Syed Ahsan Zulfiqar and others were also present on the occasion. The inauguration ceremony was held at the New Memon Mosque, which was attended by a large number of scholars and students properly complying with social distancing. In his address, Mufti Muneeb-ur-Rehman said that it was very important to end the interest rate system in Pakistan, without which development was incomplete. Haji Rafiq Perdesi said that the institute will have a two-year specialization course on Islamic jurisprudence and Islamic economics courses and 250 candidates will be able to get admission in one batch. So far 67 candidates have been admitted in the first session, he said. Candidates or graduates who have secured 70% marks from an international, equivalent institution can apply for this course. The institute is affiliated with the Madrassa Organization Tanzeem-Ul-Meddaris. The course covers Shariah Standards, Islamic Banking, Shariah Audit, Islamic Takaful, Modern Business Issues and more. At the end of the ceremony, Maulana Bashir Ahmed Farooqi led the dua for successful functioning. The guests were also given a tour of the institute.