Seminar on Islamic banking

KARACHI - The Islamic banking, being practised in Pakistan was not Islamic banking, and there is no future for
such kind of banking because it is not possible to have risk free credit products in a world that is confronted
crisis after crisis, said the speakers at a conference.
Speakers in the BIZTEK Seminar on “Islamic Banking: Opportunities & Challenges” called for an open-ended
approach to see how best Islamic banking could enjoy credence in an economy where it has to compete the
banking system attuned to the Capitalist system.
Renowned Economist Dr Shahid Hassan Siddiqui highlighted the features which could add more depth to this
mode of banking. He thought that Islamic banking could help the country’s development only when it was not
exploiting the depositors.
Dr Farooq Aziz said that Islamic banking was a misnomer because Islam permits return on labour, not on land &
capital. Muhammad Arif, who has headed the Islamic Banking Division, traced the development of Islamic
banking and hoped for its future success in attracting those sections which are a bit apprehensive about its
success.
The seminar concluded with the thanks and began with the welcome address by Dr Muhammad Ali Siddiqui,
Dean Management and Social Sciences.