Chief of Pakistan Awami Tehrik Dr Tahir Ul Qadri has said that Islamic banking is growing globally with annual growth rate of 15 to 20 percent taking its volume to one trillion US dollars. While addressing an opening session of two-day 'International Islamic Economic Conference' at a local hotel, he said.
"Pakistan is one of those countries where Islamic banking is constantly growing. Its growth rate can boost further if different obstacles that Islamic banking sector is facing are removed including differences among different Islamic schools of thought. Islamic Banking has potential to play central role in international financial system, but various local laws and explanations of different Islamic schools of thoughts are standing in its way which needs to be removed, so that Islamic banking could meet requirements of the whole world and extend its role in global economy. Differences among Islamic schools about banking and their discriminatory application must be replaced with universally acknowledged code which would ensure lasting development. The Muslim world needs to form its economic identity on the basis of sound and stable economic foundations."
He said in Islamic banking different fatwa councils made their rules and enforce them. He said Islamic banking could play leading role in interest-free banking to achieve these goals. "Islamic scholars would have to understand the needs and requirements of contemporary world." He suggested to form 'Global Sharia Finance Guidance Authority' represented by scholars of all schools of thought wherein none of the scholar will have power to veto any banking product.
The conference was attended by known economists from U.A.E, Australia, UK, America, Saudi Arabia, Indonesia, Malaysia etc. Vice Chairman Board of Governors Dr Hussain Mohi-ud-Din welcomed the guests. The world conference was organized by Minhaj University.