Despite several difficulties, Islamic banking is growing at a fast pace and have a bright future across the world, said Provincial Minister for Industries and Commerce M. A. Rauf Siddiqui.
Addressing the foundation stone laying ceremony of Meezan Bank's head office building in SITE area on Saturday he said that Islamic banking even in "West" is witnessing tremendous growth, which prove that Islamic banking have ability to replace the conventional banking.
"Government would continue to support all efforts to promote Islamic banking and provide business community with conducive business environment so that maximum economic activities could be generated and youth could get employment opportunities", he added.
The minister assured business community that their investment in Pakistan is safe as the country offers high returns on investment. He said that Meezan Bank Ltd has set up an example for other corporate entities by spreading its branch network in 41 cities across the country with 166 branches within a short span of six years.
He said that Meezan Bank Ltd has proved that Islamic banking could be the banking of first choice for every Muslim. He urged bank's management to continue to improve the procedures and products so that maximum people could benefit from the fruits of Islamic banking.
Speaking on the occasion President and CEO Meezan Bank Ltd, Irfan Siddiqui said that government has provided a supportive policy and regulatory framework for Islamic banking due to which Islamic banks are enjoying the rapid growth of Islamic banking in the country.
"Our dream is to spread the benefits of Islamic banking to every Muslim", he added. He said that Meezan Bank is pioneer in launching the Islamic financing in Pakistan and it would continue to spread the Islamic mode of banking for industrial and individual's needs. Briefing about the head office he said that building is being constructed on a piece of land measuring 10,000 square yards with a covered area of around 250,000 square feet.
"The remaining space will provide enough area for current and future expansion plans and more importantly parking for over 300 cars", he added. He said that Meezan bank has achieved yet another milestone by successfully establishing 166 branches spread over 41 major cities across Pakistan within a short span of 6 years.