Over 17,000 branches of Is­lamic banks op­er­at­ing in Pak­istan

Pakistan Observer - - ECONOMY WATCH -

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.

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