SCCI demands pragmatic steps to promote Islamic banking in KP

F.P. Report

PESHAWAR: Sarhad Chamber of Commerce and Industry (SCCI) acting president Ijaz Khan Afridi stressed the need for pragmatic steps for promotion of Islamic Banking and Finance System.

Also, he called for making schemes that have been introduced by commercial banks to be brought on Islamic banking system in a real sense in order to ensure easy access of the people attached with various businesses. Ijaz Afridi was speaking during an awareness seminar on ‘Islamic Banking and Finance for Business Community, jointly organized by the Bank of Khyber (BoK) and IMSciences Peshawar in collaboration with the SCCI here at the chamber’s house on Friday.

Keynote speakers at the seminar include the BoK Sharia Compliance Department official/ Sharia Scholars Abdul Haleem Khan, Mufti Fazal Hakim, and IMSciences faculty member Dr Adnan Malik. Besides, officials and representatives from IMSciences and BoK, notably M Ali Yousafzai, Shahab M Khattak, Sardar Gul, former senior vice president Imran Khan Mohmand, Secretary General SCCI Sajjad Aziz, former vice president Abidullah Yousafzai, former executive members Ihsanullah, Fahad Amin, and Saddar Gul, Ishtiaq Muhammad Fazal Wahid and Aqeel Kayani, a large number of members of business community were present during the awareness session.

During the seminar, Sharia scholars and officials from IMSciences and BoK briefed participants about various modes of Islamic Banking and its significance through their comprehensive multi-media presentation. The experts said the tendency of Islamic banking system has not increased in Pakistan but it has played a vital role in global economic development.

The speakers called upon the business community to take full benefits from schemes launched under Islamic Banking System and contribute their share in promotion of interest-free economy in the country. Ijaz Afridi in his speech informed that Pakistan’s Islamic Financing has been increased by 20 per cent in the banking sector and State Bank of Pakistan (SBP) is striving to increase this share to 35 per cent, he added.

The SCCI acting chief urged the central bank to issue directives to banks to maximize focus on promoting Islamic Banking in Khyber Pakhtunkhwa. Besides, he emphasized that banks should be instructed to enhance the lending ratio and financing facility for the business community in KP – which had been adversely affected by terrorism.

He emphasized that it is in dire need of hour to promote an interest-free banking and financing system, which could only be made possible with fostering of Islamic Banking. He called for organizing further awareness sessions for the business community regarding Islamic banking and finance and appreciated the efforts of BoK and IMSciences in this regard.