Participants at a seminar on 'Islamic Banking' have highlighted the significance of the system, saying that the Islamic banking system is rapidly emerging in the country due to more safer and flexible policy as compared to conventional system. The speakers further said that the system had been totally purified from interest, while the expenditure and financial liabilities of commercial banks were not growing under the Islamic banking system.
The seminar was held under auspicious of Sarhad Chamber of Commerce and Industry (SCCI) in collaboration with State Bank of Pakistan here on Wednesday. SCCI Vice President Ziaul Haq Sarhadi presided over the seminar. Abdul Samad, Bank of Khyber Advisor on Shariah, in his presentation on Islamic banking explained in detail the basic concept of the system, while differentiating Islamic and conventional banking.
He said Islamic banking was playing vital role for elimination of interest. SCCI Vice President Zia ul Haq Sarhadi, while addressing the seminar, said Islamic banking system was playing a good role in elimination of Riba and convincing people to come towards the Islamic banking.