'MMA succeeded in popularising interest-free Islamic banking'

The NWFP Senior Minister Sirajul Haq has said the MMA govt succeeded in its mission of popularising interest free Islamic banking while banks other than Bank of Khyber (BoK) are fully encouraged to open and promote its interest free branches in NWFP after successful debut of exploitation-free Islamic banking in the province.
"It has created the environment of competition in this important sector of economy thus progressed by leaps and bounds", he added. He was talking to Ali Rehman, SVP of Askari Bank, who called on him at his office Civil Secretariat Peshawar and thanked the provincial govt on its permission and encouragement for opening its interest free branches in the province.
The senior minister while welcoming the new mode of business of the Bank said that the MMA govt would fully encourage interest-free banking and economy by any entrepreneurs.
He made clear that the aim of launching this system was not to start business and earn incomes by the provincial govt itself but to Islamise the economy and set example as such, that was essential part of his party manifesto towards enforcement of Shariah as well, he maintained.
Sirajul Haq revealed that income rate of BoK considerably increased upto 11 percent after introduction of interest-free Islamic banking soon after the 27th Ramazanul Mubarak of its 1st year while it earned record income of over Rs 15 million that was far more than profit of Rs 10 million of the past one decade.
Hence he said it was a fruitful outcome of the interest and exploitation-free Islamic system of economy. He recalled that assets of BoK also increased by Rs 1.7 billion while the bank provided income of Rs 137 million to its account holders during that short period being another plus point of the system.
The senior minister acknowledged that only private and not public sector could contribute consistent and continuous boost in any commerce activities including banking extravaganza while the past history was testimony this fact.
That was why, he said, MMA govt desired to promote private sector in Islamic banking to enable it nourish with all capacity while help and support of provincial govt could be always evident in this process altogether.
"It will also provide a climate of competition to BoK, the official bank, and provincial govt can then better decide how much better its administration and officers are working and how better they can improve to move ahead on right track", he concluded.
The senior official of the bank thanked Sirajul Haq and provincial govt for encouragement in opening branches of the Bank, eulogised steps of MMA govt 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.