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Merchants call for measures to promote Islamic banking

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PESHAWAR: Traders here on Saturday called for action to promote Islamic banking in Khyber Pakhtunkhwa.

Sarhad Chamber of Commerce and Industry (SCCI), Center of Excellence in Finance (CEIF), Institute of Management Sciences (IMSciences) Hayatabad Peshawar and Bank Alfalah KP Region had jointly organized the seminar in the Chamber House.

SCCI Senior Vice President Imran Khan Mohmand chaired the seminar.

Representatives of CEIF IMSciences, Adnan Malik, and Bank of Khyber, Sharia Advisor Qazi Abdul Samad spoke about the growing trend of Islamic banking, getting loans and other important points. CSIC Executive Members Pervaiz Khattak, Fazal Muqeem, Senior Members Saddar Gul, Faiz Rasool, Fazal Wahid, Ihsanullah, Ishtiaq Muhammad, Al-Falah Bank Representatives, Members of the Business Community, Traders, industrialists, exporters and importers attended the seminar.

Traders stressed the need to integrate commercial banking schemes into the Islamic banking system. The keynote speakers said that the trend of Islamic banking has increased in Pakistan and is playing a vital role in global economic development.

Along with the conventional banking system, the panelists said that a large number of people are benefiting from Islamic banking.

A sense of great satisfaction among people attached to various businesses is observed due to obtaining interest free loans and profit through Islamic banking, which is the major reason behind the tendency of people to shift from conventional banking to Islamic banking system, the speakers noted.

A senior SCCI official said the Islamic bank’s share was around 15%. He called for raising awareness about Islamic banking.

Imran Mohmand lamented that commercial banks have declared Khyber Pakhtunkhwa as a “red zone” and said their lending in the province is below 2%.

The SCCI Vice Chairman urged the State Bank of Pakistan to play its part in promoting Islamic banking in Khyber Pakhtunkhwa and guarantee maximum lending to commercial banks.

He hopes the promotion of Islamic banking will help stabilize the economy and pave the way for the country’s rapid progress. Previously, CSIC Executive Members Pervaiz Khattak, Fazal Muqeem, Ihsanullah and others appreciated the organizers for organizing an information session on Islamic banking.

Later, the representatives of CEIF IMSciences briefed the participants on the steps of promoting Islamic banking, lending procedures, benefits and other key points regarding interest-free banking. In the end, Imran Mohmand and the representatives of CEIF IMSciences agreed to form a joint committee to raise awareness about Islamic banking.