KARACHI: Governor of the State Bank of Pakistan (SBP) Ashraf Mehmood Wathra has said growth rate of Islamic banking is higher than the conventional banks and Pakistan has enough room for the Islamic Banking stressing that Islamic monetary system and banking has bright future.
The SBP governor was delivering speech in third Islamic Banking and Monetary System conference and exhibition held in Karachi.
On the occasion he said it is appreciable that as many as three top banks of the country will completely transform into Islamic bank in few years.
The governor said it is under consideration to provide credit facility in the domain of the Islamic banking and SPB will make policies to provide loans to small businesses and Youth through the Islamic banking.
Ashraf Wathra suggested that Banks should increase profit rate from existing 5 percent to give boost to Corporate Social Responsibility programs.
While famous Industrialist Mirza Ikhtiar Baig opined that general insurance should also be included in the domain of Islamic banking. He stressed that all stakeholders should struggle collectively for the promotion of the Islamic banking.
The Karachi Chamber of Commerce (KCCI) advisor Atiq-Ur-Rehman said small loans should be provided through the Islamic banking in small business, agricultural and energy sector especially solar energy.
The Islamic Scholar Mufti Rafi Usmani of the view that Islamic banking has improved to such an extent that it can replace conventional banking and now it is up to the government and businessmen to carry it forward.
In the country Islamic banking is ideal and it should be said interest free banking but Ideal Islamic Banking cannot function until and unless conventional banking is not stopped, Mufti Rafi Usmani suggested.
Islamic Scholar advised Islamic banks that they should decrease their expenditure and profit and provide account holders with larger share of profit. The SBP, banks and all institutions should remove misperceptions and faults of Islamic Monetary System and provide it to all the quarters of the society.
He also suggested that with Islamic banking, environment, policies and private matters of the staff in such banks should also be according to Islamic values.
Significant people who spoke on the occasion included, Irfan Siddique, president Mezan Bank, Hussain Luwaye, president Summit Bank, Siraj Uddin Aziz, president Habib Metropolitan Bank, Hassan Bilgrami, Chief of Islamic Bank, Saleem Ullah Khan, director Islamic Banking, SBP, Fawad Farukh from Faisal Bank, Mujeeb Baig , MCB Islamic Banking, Rizwan Atta, Alfalah Bank, Muhammad Raza, Mezan Bank, Muhammad Imran, UBL Ameen,Mufti Najeeb, Bank Alfalah, Anjum Nisar,former vice president of Karachi chamber, Mufti Waraich, Qazi Abdul Samad and other experts on Shariah.