Interest-Free Modern Banking is flourishing throughout the world even in the Western countries, as need of the time. These views were expressed by the speakers while speaking at a seminar on Islamic Banking jointly organised by the Professional Institute of Excellence (PIE) and Pakistan Institute of Banking Studies (PIBS).
They said that the interest free Islamic Banking is practical and more than 600 banks and financial institutions are operating on Islamic modes in 60 countries throughout the globe.
Moreover, hundreds of products and instruments have been introduced and Modern Islamic Banking is workable by adopting about 30 modes including Mudarabah, Musharakah, Ijarah (Leasing), Ijrah (Hire-purchase), Haq-e-Khidmat (Service Charges), Commission, Non-Interest Mutual Funds and rental sharing etc, they added.
Speaking on the occasion, Mujeeb Beig, Senior Vice President, Islamic Banking Division of Habib Bank AG Zurich said that the Islamic Banking is rapidly growing in the country. He said that more the 70 branches are providing Islamic Banking services to the people countrywide.
He said that it is needed to create awareness among the masses so that they could understand the benefits of Islamic Banking. Professor Haris Ahmed, Mufti Yahya Asim of Metropolitan Bank, Mufti Khalil Aazmi Shariah Advisor of Bank Al-Falah, Salim Salam Ansari Advocate and others also spoke on the occasion.
Later, Chaudhary Liaqat Mehmood, President Commonwealth Friends of Labour Party, UK distributed certificates among the successful students of first badge of Certified Islamic Banking Programme conducted by the PIE.