ISLAMABAD: The Islamabad Chamber of Commerce and Industry in collaboration with Bank Alfalah have organized an seminar to create awareness about Islamic banking among the business community.
Dr Mufti Khaleel Ahmed Azmi, the Bank Alfalah Sharia Board chairman, gave a detailed lecture to the participants about the importance of Islamic banking. He said that conversion to Islamic banking is beneficial for business and investment activities. He said that Islam prohibits interest-based banking, but fully supports and encourages savings and investment, adding that business activities can be promoted by using Sharia-mode of financing.
He said that there were three modes of financing in Islamic banking viz. equity-based financing, trade-based financing and rental-based financing and explained their key features. He said business community could use these financing modes to meet the needs of working capital and other funding requirements of their businesses. He said many blue chip companies were now meeting their financing needs through Islamic banking products and Islamic banking was now accounting for 12-13% of total banking in our country which showed its good growth. He said Islamic banking offered all types of products to meet the needs of trade and industry and they should avail these Sharia-compliant banking products for promotion of their business ventures.
In his opening remarks, Atif Ikram Sheikh, President, Islamabad Chamber of Commerce and Industry stressed for creating maximum awareness about Islamic banking so that business community and general public could get rid of interest-based banking. He said Islamic banks should come up with attractive and innovative Sharia-compliant products to meet the needs of SMEs which will help in promoting business activities and strengthening the economy. Sheikh Pervez Ahmed Senior Vice President and Sheikh Abdul Waheed Vice President Islamabad Chamber of Commerce and Industry also urged for creating more awareness about Islamic banking for its better growth.
Mustafa Rabbani, Retail Head, Islamic Banking of Bank Alfalah in his vote of thanks said that Bank Alfalah had started Islamic banking by establishing one branch and now a network of 158 Islamic bank branches were working in Alfalah and offering full range of products to meet the financing needs of customers. He said efforts were being made to convert Bank Alfalah as a full-fledged Islamic bank
