PAKISTAN: Youth scheme funds be channelled through Islamic banking

Siraj-ul-Haq, Senior Minister for Finance Khyber Pakhtunkhwa, has demanded that the Youth Business Programme of worth Rs 100 billion should be channelled through Islamic banking to get the maximum advantage of financing and business development. Speaking, as a chief guest at the 10th year of Islamic Banking Division “Raast” ceremony, here on Wednesday, he aid that Islamic banking is flourishing in the country by leaps and bounds because it is in conformity to Muslim society and according to the nature of man.

He said that Islamic financing has increased up to Rs 1 trillion, which showed that economic prosperity could be possible through the means of Shariah. Islamic banking is blooming world-wide as not only Muslims states but non-Muslim countries have found it compatible and productive for their economies, he added. “PML-N government should implement the Shariah Court order of 1991 and end interest-based banking and financial system in the country”, he appealed.

“Islam is a complete code of life and offers solution for every aspect of human life. Finance is a vital part of daily life and we will be more comfortable if spend our lives according to Islamic laws”, he added. He also lauded the Bank of Khyber (BOK) management’s efforts to promote Raast Islamic Banking by establishing more branches across the country.

Earlier, Imran Samad, Managing Director BoK, in his welcome address said that BoK Raast Islamic Banking was started in 2003 and with the Blessings of Allah (SWT) now the bank is enjoying the confidence of masses by having more than Rs 14 billion deposits in Raast Islamic Banking Branches.

“We, (BoK), have also provided financial facilities amounting to more than Rs 8 billion and due to general public confidence bank’s Islamic Banking Group assets are more than Rs 23 billion”, he added. MD said that BOK Raast Islamic banking profit for the period of January-November 2013 is Rs 378 million, which will increase due to rising branches network in the country.

BOK follows the philosophy to have Shariah-Based Solutions as against Shariah Compliant Solutions, he added. “BOK has been able to divert people towards Islamic Banking and changed the attitude and perceptions in general and in Khyber Pakhtunkhwa in particular towards Islamic Banking”, Samad said.

The ceremony was also attended by the Group Head Islamic Banking Kamran Masood Khan, Group Head Treasury & Investment Masood Wahidna, Head Shariah Compliance Muhammad Asad, BoK Shariah Advisor Abdul Samad Khan, Head Business Development Islamic Naveed Qureshi, Head Business Development Lal Nawaz Khan, Head Marketing Syed Ali Nawaz Gilani besides the senior officers of BOK branches in Karachi.

*This article was published by Business Recorder. Read the original article here.

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