KARACHI: Experts have urged bankers, financiers as well as people in profession to improve their understanding about sharia-based banking and insurance in the country.
Making their respective presentations at the second Islamic Financial Expo and Conference (IFEC) they said growing concern among the people about implications of interest based banking made it prudent that an alternative and interest-free financial system is introduced, on strong lines, in the country.
They also referred to the fact that Islamic Banking and Takaful Services are witnessed to be assuming tremendous growth in the world and in view of public needs concerted efforts must be made to promote it in Pakistan too.
Sharia Advisor, Ernst and Young Ford Rhodes Sidat Hyder, Mufti Ibrahim Essa, said the confusion and negative mindset of the people is the biggest impediment towards the expansion of Islamic Banking industry in the country.
He urged the scholars and educational institutions to contribute towards modifying the mindset of people towards adoption of Islamic banking services.
Mufti Essa mentioned that renowned "ulema" of the country are Sharia Advisors of the banks that are neither involved in any corruption nor in any financial scam or moral scandal.
He said that there must be loopholes in the Islamic banking industry which must be addressed mutually by banks, regulator and the government, otherwise, people would be left with no option but to continue with interest-based banking system.
"This would be despite the fact that Islamic financial system is stronger and better than any other financial and economic system of the world," he said.
Other speakers including bankers and members of business community discussed in detail the potential of Islamic banking and its advantages in the country despite wide range of challenges vis a vis policy-making and misconceptions about its modalities.
Head of Products Development, HBL Islamic Banking Division Faizan Ahmed Memon, suggested that people in general need to make a little effort to understand the "sharia-based banking system" and its advantages as compared to conventional or interest-based banking system.
He said that alhough the growth of Islamic banking industry is superb in Pakistan, however, it was quite slow keeping in view that majority of country's population comprises Muslims.
Head of Islamic Banking, Bank Alfalah Limited, Rizwan Atta, said Islam is a complete code of life and it could not avoid addressing the financial aspect of the people, which is most important for them in the world.
He said that Islamic financial system is nothing new and is equally compatible to the financial needs of the present day world.
Atta said that Islamic bankers are very active in introducing different products to the customers that not only meet their commercial and domestic needs but also fulfil the principles of Sharia.
He said bankers have introduced different products and services under the head of consumers and trade financing to facilitate the commercial sector as well as masses to avail of banking services as per their needs.
Chairman of SME Bank and a former president of Karachi Chamber of Commerce and Industries, Majyd Aziz, former chairman of PPMA, Kaiser Waheed, Chairman IFEC Organising Committee, Naeem Quershi, Mehmood Tareen, Ateequr Rahman adviser Qazi Abdul Samad, Sharia Advisor Bank of Khyber, Saqib Zeeshan, Head of Distribution Pak-Qatar Family Takaful Limited, Muhammad Faisal Shaikh, Head of Products Development, Bank Islamic also spoke on the occasion
On the ocasion an exhibition had also been arranged to showcase the key industry players and advancements in the Islamic finance industry in Pakistan.
Leading banks such as Bank Al Falah, UBL Ameen, Muslim Commercial Bank, Meezan Bank Ltd. Bank of Khyber besides Institute of Cost and Management Accountants of Pakistan (ICMAP) had set up their stalls displaying their respective products.
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