Pres­i­dent stresses fi­nan­cial ex­perts to work­out strat­egy on Is­lamic bank­ing

The Pak Banker - - NATIONAL -

Pres­i­dent Mam­noon Hus­sain Wed­nes­day called upon the bank­ing ex­perts and Ulema (religious lead­ers) to jointly fo­cus their re­search on find­ing a work­able strat­egy for pro­mot­ing Is­lamic bank­ing in the coun­try.

Ad­dress­ing a na­tional sem­i­nar on 'Is­lamic bank­ing and fi­nance: Prospects and chal­lenges' here at the Is­lamic In­ter­na­tional Univer­sity, the Pres­i­dent said the ben­e­fits of Is­lamic fi­nan­cial should reach the com­mon man to end poverty. The Pres­i­dent said Is­lamic bank­ing had im­mense po­ten­tial of growth in Pak­istan, adding that the sub­ject needed pro­found re­search by the rel­e­vant ex­perts.

He said for be­ing Mus­lim cit­i­zens of this coun­try, it was oblig­a­tory to work for im­ple­ment­ing Is­lamic fi­nan­cial sys­tem. The Pres­i­dent said the Is­lamic bank­ing sys­tem was be­ing given pa­tron­age at the govern­ment-level. He said there was a need to flour­ish the cul­ture of re­search in the coun­try to ex­plore the hori­zons of knowl­edge, which he said was a key to suc­cess for a na­tion. The Pres­i­dent said eco­nom­ics had out­classed the im­por­tance of pol­i­tics in global sce­nario, and said with re­search-based knowl­edge, a coun­try could achieve eco­nomic sta­bil­ity and pros­per­ity.

He said the govern­ment dur­ing the two-and-a-half years had made re­mark­able progress in sta­bi­liz­ing the econ­omy which was also ac­knowl­edged by the in­ter­na­tional mon­e­tary rat­ing or­ga­ni­za­tions. The Pres­i­dent men­tioned that cor­rup­tion had neg­a­tively im­pacted the very fab­ric of so­ci­ety and em­pha­sized on wag­ing a Ji­had against this men­ace. He pointed out that dur­ing tenures of past gov­ern­ments, no sig­nif­i­cant

the de­vel­op­ment projects were car­ried out. Pres­i­dent Mam­noon said the Kal­abagh dam pro­ject was made con­tro­ver­sial while the Rental Power Projects were launched wherein, mas­sive fi­nan­cial cor­rup­tion was made. He men­tioned that dur­ing his meet­ing with Saudi King Sal­man bin Ab­dul Aziz Al Saud, he pro­posed for open­ing of a cam­pus of Is­lamic In­ter­na­tional Univer­sity in Saudi Ara­bia.

He said the step would help Pak­istani ex­pa­tri­ates con­tinue their goals of higher education. Deputy Gov­er­nor State Bank of Pak­istan Saeed Ahmed said im­ple­men­ta­tion of Is­lamic fi­nan­cial sys­tem was im­por­tant to en­sure so­cial jus­tice for the peo­ple through mi­cro-fi­nance to end poverty. He said at present, five banks in the coun­try were en­tirely Is­lamic, one was a sub­sidiary branch of a bank while 16 banks were of­fer­ing both con­ven­tional and Is­lamic sys­tems to con­sumers.

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