Chairman Senate Mohammadmian Soomro on Tuesday asked bankers to introduce Islamic banking in rural areas to cater to the needs of agriculture sector.
He was speaking at the inauguration of Asian Finance Conference - "Islamic Financial Services" at a local hotel. Stressing upon the needs for collaboration between the banks and farmers associations, he said that this will benefit both the vital segments of the economy.
Soomro noted that Islamic banking was progressing fast and called upon bankers to further create awareness among the people about Shariah compliant products. He said that Islamic banking was not only providing conventional services like other commercial banks, they were also competing with the conventional banking. "Islamic banking has made a phenomenal growth in a very short period. People attached to Islamic banking must now focus on rural financing with particular emphasis on agriculture credit to farmers", he noted.
The Chairman Senate suggested Islamic bankers to form farmers associations and market Shariah compliant products with their help. He also advised Islamic finance banks to extend loans for education and vocational training for promoting education and skills in the country. Soomro observed that Islamic banking was completely riba-free. This should be told to people, he added.