Needed to promote Islamic Banking stressed

Lahore: Islamic banking is being adopted in business all over the world, especially in Islamic countries. There is an urgent need to understand Islamic and traditional banking.
These views were expressed by the Vice President, Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Regional Chairman, Chaudhry Muhammad Saleem Bhilar at an awareness seminar jointly organized by the FPCCI Standing Committee on Islamic Banking and Meezan Bank.
He further said that according to the SBP, the Islamic banking industry has improved its position in the country’s banking system. At present, there are 22 Islamic banking institutions. Chaudhry Muhammad Saleem further said that SBP is guiding the development of Islamic banking on a strong basis by issuing a strategic plan for the Islamic banking industry.
Mufti Moaz Ashraf Usmani, Shariah Scholar, Meezan Bank, briefed the participants on the principles of Islamic banking.
General Manager Corporate Central Meezan Bank Faisal Iqbal gave a detailed briefing to the participants about Meezan Bank’s Islamic banking products.
He further said that SBP has announced in the third five-year strategic plan of Islamic banking industry to increase the assets and deposits of Islamic banks in the overall banking industry by 30%.
Deposits account for 18.3%.
SBP wants to make Islamic banking one-third of the total banking industry by 2025. The meeting was attended by Syed Ali Imran, Sheikh Mohammad Ibrahim, Aleem Amin, Shehzad Ahsan, Abdul Aleem, Mohammad Azeem, Farhan Alam, Mohammad Sajid, Mohammad Jameel, Ali Nawaz and others.