KARACHI - President Mamnoon Hussain Wednesday said that the government is making serious efforts towards the implementation of Islamic Banking in the country.
Inaugurating Roundtable Conference on Islamic Banking here on Wednesday’ the President said Islamic Banking is gaining popularity and is fast growing in Pakistan.
The President said a Committee has already been notified to give recommendations for the promotion of Islamic Banking and to formulate comprehensive policy framework for Islamic Financial System in the country. He said that the Committee would be able to chalk out clear roadmap for transition towards Islamic Banking system in the country.
He said by virtue of being a just system that caters to larger interests of the individuals and society, Islamic financial system and institutions are fast developing into a different and distinct paradigm of economics. He expressed satisfaction that Islamic Banking is gaining popularity and is fast growing in Pakistan. The President said free from the curse of Riba, Islamic banking helps the believers in striving for a society that is free from social and economic injustices, exploitation and inequalities. He said the State Bank of Pakistan has recently taken some steps to promote Shari’ah compliant environment in the banking sector.
However, more efforts are required in this regard to facilitate citizens fully avail the opportunity of Islamic banking solutions. He said the participation of a delegation of Islamic Development Bank clearly shows the interest of President IDB, Dr. Ahmad Mohammed Ali and other senior management of the IDB towards supporting and promoting Islamic Banking in Pakistan.
He noted the presence of a top Malaysian banker H.E. Dato’ Seri Ismail Shahudin, Chairman, Maybank and said he along with other banks of Malaysia have done a commendable job in promoting Islamic banking.
The President said Pakistan can learn from the successful experience of Malaysian banks towards Islamic banking. In this context, greater interactions among Pakistani and their Malaysian counterparts would be of great significance, he added.
The President thanked Zahid Malik, Editor-in-Chief Daily Pakistan Observer, for arranging such an important conference on a subject of great importance and relevance to all of us.
He hoped that the deliberations during this conference would be instrumental in further promoting Islamic Banking in the country.