Islamic banking panacea of economic ills, says FCCI
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.