Over 17,000 branches of Islamic banks operating in Pakistan
SALIM AHMED LAHORE—Provincial Minister for Finance Dr. Ayesha Ghaus Pasha has said that Punjab government is introducing lot of programmes which will raise the living standard of less-privileged segments of the society. She said that provision of loans under Chief Minister Interest Free Loan Programme is one of them under which millions of deserving people have started their own small business.
She expressed these views while addressing the first session of International Islamic Economic, Banking & Finance Conference 2016 held here under the aegis of Al-Tijara Center of Islamic Economic. The Provincial Minister said that since 2001 to date world in general and Pakistan particularly has achieved rapid progress through Islamic banking. She said that more than 17 thousand branches of Islamic banks are operating in Pakistan but unfortunately 95 percent persons belonged to elite class who get interest free loans but common man approached to informal sector to get loan where they pay 20 percent interest on loan. She said that Punjab government has to transfer this facility of interest free loan to common man and cooperation of institution like Al-Tijara will helpful in this regard.
Provincial Minister has said that about 100,000 youngsters are moving towards practical life after completing their education. In this way, the government is unable to provide government job to all of them for this purpose the government is promoting them toward micro business so that, they can become independent using business. Islamic system of loan can play a better part in this way.
Administrator of Al-Tijara Sohail Sabir said while addressing in the meeting that government wants to eliminate heavy loan burden provided by various banks to the poor people. Prof. Mujeeb Baig has said that Al-Tijara is providing cooperation to the deserving people who have skills but do not have investments. At the end of session Sohail Sabir presented commemorative souvenir to Finance Minister.