Is­lamic bank­ing aims at poverty al­le­vi­a­tion, so­cial jus­tice

The Pak Banker - - FRONT PAGE -

Pres­i­dent Mam­noon Hus­sain on Mon­day said the real ob­jec­tive of Is­lamic bank­ing is to en­sure so­cial jus­tice and poverty al­le­vi­a­tion, and urged upon the bank­ing sec­tor to reach out to the poor to max­i­mize the ben­e­fits of Is­lamic bank­ing. The Pres­i­dent ex­pressed sat­is­fac­tion over the grow­ing pop­u­lar­ity of Is­lamic bank­ing in Pak­istan and said re­spon­si­bil­ity lied on the coun­try's banks to be­come role mod­els for the world by de­vis­ing a sys­tem of ju­di­cious dis­tri­bu­tion of wealth.

Ad­dress­ing at a round-ta­ble con­fer­ence on 'Po­ten­tial of Is­lamic bank­ing', the Pres­i­dent stressed the need for fur­ther im­prove­ment in the sys­tem of Is­lamic bank­ing so as to en­sure the trick­le­down ef­fect of wel­fare to grass­roots level. This was the third round-ta­ble con­fer­ence on the topic of Is­lamic bank­ing or­ga­nized by Pak­istan Ob­server Group which was at­tended by heads of lead­ing banks and corpo- rate lead­ers. Pres­i­dent Mam­noon lauded the ef­forts of State Bank of Pak­istan for set­ting up a com­mit­tee to as­sess the far-reach­ing ben­e­fits of Is­lamic bank­ing for the masses. He urged upon the Is­lamic banks to con­form to the real spirit of Is­lamic bank­ing by pro­vid­ing cap­i­tal to cus­tomers on the ba­sis of Musharaka and Mu­daraba mode of fi­nanc­ing.

The Pres­i­dent also called upon the Is­lamic banks to im­ple­ment the same sys­tem while deal­ing in the sec­tors of com­merce, trade, agri­cul­ture, im­ports and ex­ports and mi­cro-fi­nance. He men­tioned the state­ment of Quaid-e-Azam Muham­mad Ali Jin­nah at the in­au­gu­ra­tion of State Bank of Pak­istan say­ing that the eco­nomic sys­tem of West would not prove ben­e­fi­cial for the de­vel­op­ment and pros­per­ity of the peo­ple of Pak­istan.

Rather, the Quaid em­pha­sized on for­mu­lat­ing an eco­nomic sys­tem based on the uni­ver­sal teach­ings of Is­lam that pro­motes equity and so­cial jus­tice among the peo­ple, the Pres­i­dent added. Pres­i­dent Mam­noon Hus­sain said that be­ing a Mus­lim, a Pak­istani and a fol­lower of the Quaid-e-Azam, he was greatly in­ter­ested in the sub­ject of Is­lamic bank­ing and had a keen eye on the progress and the re­search re­lated to this sec­tor. He ex­pressed sat­is­fac­tion that the poli­cies of the Govern­ment of Pak­istan in this re­gard were in the right di­rec­tion and the con­cerned min­istry and de­part­ments were dili­gently work­ing to­wards this end.

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