PESHAWAR: Traders and industrialists at a seminar on ‘Islamic banking system’ have demanded of the State Bank of Pakistan (SBP) to play its role for promotion of Islamic banking in the country to attract investors and strengthen national economy.

The event was jointly organised by the Centre of Excellence in Finance (CEIF) of the Institute of Management Sciences (IMSciences), Hayatabad, Bank Alfalah, KP region, and Sarhad Chamber of Commerce and Industry (SCCI) here at the chamber’s house on Saturday.

Bankers, traders, industrialists, exporters and importers participated in the event where CEIF’s representative Adnan Malik and Bank of Khyber’s Sharia Adviser Qazi Abdul Samad were the main speakers.

SCCI senior vice-president Imran Khan Mohmnad, executive members Pervaiz Khattak, Fazal Muqeem and Ihsanullah, senior members Saddar Gul, Faiz Rasool, Fazal Wahid, Ihsanullah, Ishtiaq Mohammad and others also spoke on the occasion.

They appreciated the organisers for holding such an informative session about Islamic banking system and stressed the need for creating awareness about it.

The business community’s representatives stressed the need for making schemes that had been introduced by commercial banks to be brought under Islamic banking system to ensure easy access of the people attached with various businesses.

The speakers apprised the participants of the increasing tendency of Islamic banking and explained the issues like procedures for obtaining loans. They said the tendency of Islamic banking system had not only increased in Pakistan, but it had also played a vital role in global economic development.

The stakeholders said that in addition to the conventional banking system, a large number of people were taking benefits from Islamic banking, but they still needed updates in this regard.

The participants agreed on formation of a joint committee for creating awareness of Islamic banking among the business community.

Published in Dawn, June 26th, 2022