Islamic banking most reliable system, says Pakistani chamber official

Faisalabad Chamber of Commerce and Industry (FCCI). Image from geourdu

Faisalabad, Pakistan (IINA) - Islamic Banking is the most reliable and dependable system which can bridge the gap between the haves and the have-nots in addition to catering to the entire banking needs of Muslim businessmen, said Chaudhary Mohammed Nawaz, president of Faisalabad Chamber of Commerce and Industry (FCCI), Business Recorder financial newspaper reported.
He was addressing to an Awareness Road Show on Islamic Banking and Takaful organized by Al-Huda Centre of Islamic Banking and Takaful held in FCCI here on Wednesday.
He said that Islamic banking is not a slogan to attract the business community or market their services but it is a complete ideology to promote and encourage an egalitarian society based on the eternal Islamic principles of economics and equality.
He quoted examples of various countries where more than 50 percent of businessmen have already switched over to the Islamic banking system. "It is a positive note that many non-Muslim countries are also adopting Islamic economic system only because of its economic and social benefits to the society", he added.
He appreciated the management of Al-Huda for making painstaking efforts to educate the business community that there was a pure and complete chain of Islamic banking instruments based on Islamic principles. Various speakers including Talaat Mahmood, Umair Ali Sajid Manager Training Al-Huda and Mohammed Usman Ishaq BDM Allied Bank also delivered lectures on Riba and its prohibition, Islamic Economics, Islamic Banking and finance industry in Pakistan, Madaraba and Musharaka etc in Pakistan.
Later Mufti Raees Ahmed Sharia Adviser Al-Huda-CIBC presented a memento of Al-Huda to Nawaz.
Various banks dealing in Islamic banking system also set up their stalls during this road show.
SM/IINA

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