The Bank of Khyber (BoK) has opened Raast Islamic Banking branch at Ghari Qamardin, Ring Road here on Thursday. A ceremony was held in which KP Minister for Finance Muzaffar Said Advocate formally inaugurated the new branch. KP Secretary Finance Syed Badshah Bokhari, Managing Director BoK Shamsul Qayyum, JI activists Hakeem Abdul Waheed and Sabir Hussain Awan also attended the ceremony.
KP Minister for Finance Muzaffar Said Advocate while addressing on the occasion said that strong economy is the engine of development. He said, "We wanted to enhance economy of the province on the principles of Islam. Islamic banking is more profitable as compared to conventional banking." The Minister further said that the provincial government is introducing sectoral reforms and taking practical steps for elimination of corruption at every level. He said an online re-addressal system, was established at KP Finance department to overcome with issues and complaints of the general public on urgent basis.
"We are making efforts for provision of justice to all," he added. KP Secretary Finance Syed Said Badshah Bokhari in his speech said the promotion of Islamic banking is the priority of the Bank of Khyber. He said the newly established branch will not only promote business activities, but also provide services in education and social sector. He informed that the provincial government will launch an Islamic Microfinance scheme through BoK from next month, which will not only benefit the big investors, but also the common men at their door steps.
Earlier, in his welcome address the Managing Director BoK Shamsul Qayyum highlighted the brief history of the establishment and growth of the bank. He said that presently the bank has 116 branches out of which 54 are Raast Islamic while the counters of the Islamic branches are also established in more than 40 branches. He said that during the current year, BoK will open 14 branches and 11 of them will be Islamic banking branches.