Karachi Wholesale Grocers Association (KWGA) has decided to make their financial operations and business practices Shariah compliant. The announcement was made during their annual dinner, attended by more than 500 members and prominent businessmen of the city.
Chief Guest at the event, Dr Miftah Ismail, Advisor to the Prime Minister on Economic Affairs encouraged the initiative of the association to go for Shariah compliant activities and highlighted steps that the Government of Pakistan is taking steps for the promotion of Islamic Finance in the country. He also assured the association's members of solving their issues.
Anis Majeed, Chairman KWGA, informed about the contributions and achievements of the association and announced that the association's members would gradually convert their conventional portfolios to Islamic finance in banking, insurance and investments with the help of TAWUN.
He also requested the government to allow the KWGA members to re-export commodities in order to boost exports from Pakistan. Former chairman Rice Exporters Association of Pakistan (REAP) Abdul Raheem Janoo said that REAP is making efforts to enhance rice exports, which will cross the mark of $2 billion during the current year.
Mehmood Arshad, Founder of TAWUN, congratulated the association on the land mark initiative to fight against Riba and announced that his firm is working on a comprehensive programme for the members of the association for their capacity building on Islamic business practices and to make their financial activities Shariah compliant.
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