The NWFP Health Foundation and the Bank of Khyber (BoK) on Wednesday signed an agreement to assist in the development of medical and health care facilities. Under the agreement, the bank would facilitate the unemployed doctors in establishing maternity homes and clinics.
The agreement was signed by BoK Managing Director Qazi Munir-ul-Haq and NWFP Health Foundation Managing Director Dr Zahoor Ahmad, while NWFP Health Minister Inayatullah Khan was also present on the occasion.
The BoK in consultation with the Health Foundation has agreed to manage the programme, including appraisals and financing under the Islamic modes of financing to set up medical/health care facilities and the structure and modality of operating the development fund to be deposited by the Health Foundation with the BoK.
Highlighting the features of the agreement, the BoK managing director said that on the recommendation of the Foundation the Bank would issue loans to unemployed doctors under the Islamic modes of banking for a period of five years.
He termed the agreement an expression of confidence in the Islamic banking by the provincial government, saying the Shariat Advisory Board of the BoK comprises the renowned Islamic scholars and economists, who determine the policy of the institution.
Qazi Munir-ul-Haq said that since the launching of Islamic banking, the BoK has converted three branches into Islamic one. These branches are situated in Peshawar, Bannu, and Quetta, while Islamic banking counters have been opened in various branches.
He said during last one year since the launching of the Islamic banking, the deposits of the bank has reached Rs 1 billion, while the lending portfolio has climbed to Rs 800 million.
NWFP health minister said the Health Foundation established 10 years back but remained dormant and it was the government of MMA which reactivate it.
He said since the MMA came into power with the pledge of Islamization and for this purpose it launched Islamic banking in the provincial bank to eradicate the menace of the interest.
The minister said that the conversion of BoK into an Islamic bank has provided opportunity to depositors to keep their amounts in interest-free banking system. "We are striving for tapping the deposits of all those, who were hesitating from depositing their amounts in the interest-based banking system," Inayatullah added.
He admitted that people still lack confidence in Islamic banking. However, he said that the holding of such functions would go a long way in restoring the confidence of depositors in the Islamic banking.
He said that funds sanctioned for the Health Endowment Fund have also deposited in the Islamic banking system of the BoK.
On this occasion, he directed the officials of the three teaching hospitals of Peshawar to open their accounts with interest-free Islamic banking branches of the Bank of Khyber, and express confidence that the bank would give a better package to them.
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