Is­lamic bank­ing panacea of eco­nomic ills, says FCCI

The Pak Banker - - COMPANIES/BOSS -

Is­lamic bank­ing sys­tem is the most re­li­able and de­pend­able sys­tem which can bridge the gap be­tween the haves and have-nots in ad­di­tion to cater the bank­ing needs of Mus­lim busi­ness­men.

This was stated by Chaud­hary Muham­mad Nawaz Pres­i­dent FCCI while ad­dress­ing an Aware­ness Road Show on Is­lamic Bank­ing and Taka­ful or­ga­nized by Al-Huda Cen­tre of Is­lamic Bank­ing and Taka­ful at FCCI on Wed­nes­day. He said Riba is to­tally pro­hib­ited in Is­lam but a ma­jor­ity of Mus­lims are forced to do it de­spite their strong religious reser­va­tions.

He said Is­lamic bank­ing is not a slo­gan to at­tract the busi­ness com­mu­nity or mar­ket their ser­vices but it is a com­plete ide­ol­ogy to pro­mote and en­cour­age an egal­i­tar­ian so­ci­ety based on the eter­nal Is­lamic prin­ci­ples of eco­nom­ics and equal­ity.

He quoted ex­am­ples of var­i­ous coun­tries where more than 50 per­cent of busi­ness­men switched over to Is­lamic bank­ing sys­tem. Speak­ers Talat Mah­mood, Umair Ali Sa­jid Man­ager Train­ing Al-Huda and Muham­mad Us­man Ishaq BDM Al­lied Bank de­liv­ered lec­tures on Riba and its pro­hi­bi­tion, Is­lamic Eco­nom­ics, Is­lamic Bank­ing and fi­nance in­dus­try in Pak­istan, Muzarbah and Musharaka etc. in Pak­istan.

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