KARACHI: Saleem Ullah, the deputy governor of the State Bank of Pakistan (SBP), emphasized on Wednesday the urgency of a swift transition to Islamic banking.
Speaking on Wednesday at the 2nd National Islamic Economic Forum organized by Saylani Welfare International Trust and Darul Uloom Memon, the deputy chief of SBP stated that the interest-based banking system is unfair and urged banks to take decisive action instead of just talking about it.
He was upbeat about bringing Islamic banking to Pakistan more quickly by acting quickly and teaching the Sharia community commercial acumen.
Maulana Bashir Farooq Qadri, the chairman of Saylani Trust, echoed the deputy governor of the SBP in calling for a concerted effort to combat the interest-based banking system.
The issuing of Sukuk by pledging immovable assets was condemned by Mufti Azam Pakistan and Mufti Muneeb-ur-Rehman, the Patron-in-Chief of the National Islamic Economic Forum, who felt that it was insufficient for the economic development of the country. He criticized the State Bank’s strategy and advocated for the direct creation of Islamic banks as an alternative to the opening of regular banks’ branches.
SOURCE: DAWN NEWS
