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NWFP Senior Minister Siraj-ul-Haq has said that Muttahida Majlis-i-Amal (MMA) government after introducing Islamic banking in the province would also encourage other banks to open interest free branches in Frontier Province.
It will create an environment of open competition and the people would than get rid of interest base exploitative system of banking and economy, he commented.
He was talking to the visiting delegation of Meezan Bank led by its president Irfan Siddiqui that called on him at Civil Officers Mess Peshawar and sought provincial government's permission and opinion on opening its interest free branch here.
Qazi Munirul Haq, Senior Vice President of Bank of Khyber (BoK), was also present on this occasion.
The Senior Minister while welcoming decision of the bank said MMA government would fully encourage interest free business by any entrepreneurs including Meezan Bank.
He made it clear that aim of launching this system was not to start business and earn incomes by the government itself but to Islamise the economy and set example as such that was also essential part of the MMA party manifesto towards enforcement of Shariah, he maintained.
Bankers then had to exploit such golden opportunities in larger national interests by opening maximum branches of interest free banking especially when State Bank of Pakistan (SBP) was supportive to issue licenses for this purposes.
The delegation thanked Siraj-ul-Haq and provincial government for encouragement in opening branch of Meezan Bank, eulogised steps of MMA government for Islamisation and assured that its bank would play due role in creating environment of healthy competition in interest free banking and promoting welfare-oriented economic activities as per injunctions of Islam.

Copyright Business Recorder, 2004

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