Govt urged to enhance Islamic banking

ICCI chief says expansion of Shariah compliant facilities will help diversify businesses


Our Correspondent September 26, 2021
Net investments of the Islamic banking industry registered an increase of Rs84b during the period under review and stood at Rs1.35tr by the end of Mar 2021. PHOTO: FILE

ISLAMABAD:

The government should promote Islamic banking products and encourage the private sector to adopt them as they will give a boost to the business activities and the economy, said Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Ilyas Khan.

Chairing a meeting with officials from the Bank of Khyber on Saturday, he stated that majority of Pakistanis preferred Islamic banking products.

“Expansion of Islamic banking network will facilitate diversification of businesses, purchase of industrial machinery for upgradation and investment in startups leading to job creation and growth in the overall economy,” he said.

While congratulating the Bank of Khyber for opening Islamic banking branches, Khan voiced hope that they would provide attractive products to the business community.

Speaking on the occasion, Bank of Khyber Managing Director Muhammad Ali Gulfraz said that the bank had historic association with the business community and it was actively engaged in catering to the financial needs of all the sectors.

“The Bank of Khyber is involved in extending funded and non-funded facilities to its customers for various business needs,” he said.

He informed the participants that the bank was established in 1991 through an act passed by the Provincial Legislative Assembly and it was awarded the status of a scheduled bank in September 1994. He detailed that the financial institution has 179 branches across the country.

Published in The Express Tribune, September 26th, 2021.

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