AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, June 20, 2013 (PPI-OT): Bankers, businessmen and economic experts urged masses to adopt Sharia-based banking and insurance in their need of daily lives and businesses being an alternative and interest-free financial system witnessing tremendous growth globally and across the country.
Speaking at the Second Islamic Financial Expo and Conference (IFEC) held at local hotel on Thursday, they enlightened participants of various walk of lives about the potential of Islamic banking and their advantages in the world and hereafter underlining the need of awareness and penetration of Islamic banking and Takaful services across the country. Event is organized by publicity channel and supported by Ernest and Young, sidat Hyder, MAP and other organizations.
Islamic Banking Industry (IBI) is not only flourishing by leaps and bounds in the world but in Pakistan as well despite of the fact there are lot of challenges regarding policy-making of the government for its promoting and misconception about its modalities among the masses.
There is a widespread misconception about the Islamic banking services among the masses but people are reluctant to get awareness and doing research on the importance of Sharia-based banking system in their lives which is much better than of conventional or interest-based banking system, Faizan Ahmed Memon, Head of Products Development, HBL Islamic Banking Division said.
Though the growth of Islamic Banking Industry is superb in Pakistan but it pace is still slow keeping in view the relevance of religion with majority of population and Islamic welfare state, he said. The acceptable of Islamic banking is not encouraging among the masses because Muslims of our country have forgotten the teaching of religion but prefer adopting non-Islamic ways for their financial needs.
Memon urged the participants of the conference going through the financial system of Islamic which is not only comprehensive for their worldly needs but it helps those avoiding major sins of involving in riba or interest.
Rizwan Atta, Head of Islamic Banking, Bank Alfalah Limited, said Islam is a complete code of life and it could not avoid addressing the financial aspect of the people, which is most important for them in the world.
He said that Islamic financial system is very old and it is compatible in the present times and alternative of different interest-based and non-Islamic financial system. The system is based on roots tracing back from 70 to 80 decades and even at times of the Prophet Muhammad (PBUH) where we had history of financing and partnership.
Atta said that Islamic bankers are very active in introducing different products to the customers which are not only meets their demands at commercial and domestic levels but it must fulfill Sharia principle equally.
He added that bankers have introduced different products and services under the head of consumers and trade financing to facilitate the commercial sector as well as masses to avail banking services as per their needs.
Mufti Ibrahim Essa, Sharia Advisor Ernst and Young Ford Rhodes Sidat Hyder said the confusion and negative mindset of the people is the biggest impediment towards the expansion of Islamic Banking industry in the country but scholars and education institutions must do their job to change the mind of people towards the adoption of Islamic banking services.
He said the renowned Ulemas of the country are Sharia Advisors of the banks which are not involve in any corruption nor in any financial scam or moral scandal but people are shying away to follow them who are promoting financial system of Islam.
There must be loopholes in the Islamic banking industry which must be addressed mutually by banks, regulator and the government, otherwise, people are left to use interest-based banking system despite of the fact Islamic financial system is stronger and better than any other financial and economic system of the world.
Majeed Aziz Chairman SME bank and , former president Karachi chamber of commerce and industries, Kaiser Waheed former PPMA, Naeem Quershi chairman organizing committee, Mehmood Tareen, Ateequr Rahman adviser Qazi Abdul Samad, Sharia Advisor Bank of Khyber, Saqib Zeeshan, Head of Distribution Pak-Qatar Family Takaful Limited, Muhammad Faisal Shaikh, Head of Products Development, Bank Islamic also spoke on the occasion
An expo had also been arranged to showcase the key industry players and advancements in the Islamic finance industry in Pakistan. Leading banks such as Bank Al Falah, UBL Ameen, Muslim Commercial Bank, Meezan Bank Ltd. Bank of Khyber and others had set up their stalls in the expo. Educational institutions relating to the field of Pakistan were also participants at the occasion, such as Institute of Cost and Management Accountants of Pakistan (ICMAP).
For more information, contact:
Publicity Channel
309, 3rd Floor Al-Sehat Centre,
Regent Plaza Karachi Pakistan
Phone No: 021-5213853
Fax No: 021-5213853
Email: info@Pchannel.com.pk
URL: www.pchannel.com.pk