Director Islamic banking department, State Bank of Pakistan, Karachi Saleem ullah said the Islamic banking system was gaining popularity among non-Muslim countries with the passage of time. He was addressing a seminar on Islamic Banking and Finance here at Bahauddin Zakriya University here.

He said share of Islamic banking had reached up to seven percent out of total conventional banking system in the country. He invited religious scholars and intellectuals of the concerned sector to contribute the system by giving better input and suggestions to uplift standard of islamic banking system in the country.

Head product department, Meezan Bank Limited Ahmad Ali Saddiqui said on the occasion that Islamic Banking system was devised in the light of the Holy Quran and Sunnah. Comparing with prevalent banking system, he said that Islamic banking was more appropriate to fulfill need of customers and meet their demands.

He advised people to open Haj account in Meezan bank and start depositing as the bank assures making complete payment for performing Haj, which will be refundable in different instalments without holding interest on that payment. In addition to this, Meezan bank offered students and business lap tops without holding interest, he said.

Chairman Board of Management, Nishtar Hospital Khwaja Jalal- ud-din Roomi said Islamic Banking system was the need of time. He said during economic crunch, when other banks in United States were about to collapse, masses built confidence on Islamic banking network due to its vast credibility.

“It was due to the fact that American monetary institutions were lacking its credibility in contrast to Islamic banking system based on worthy financial and monetary system used to satisfying every need of its customers”, he said.

Shahid Naseem Khohkar, president Chamber of Commerce and Industry revealed that Islamic Banking system was getting progress as per ratio of more than 10 percent per annum in the country.

Source : Pakistan Observer