Islamic banking is flourishing in the country by leaps and bounds because it is conformity to Muslim society of the country and according to the nature of man depicting its booming trend worldwide as not only Muslims states but non-Muslim countries have found it compatible and productive for their economies.
Speaking as a chief guest, Sirajul Haq, Finance Minister of Khyber Pakhtoonkhawa said that at the ceremony to mark the 10th year of Islamic Banking Division “Raast” here on Wednesday.
He said the Islamic financing have been increasing up to Rs 1 trillion in the country with more than 1,1000 branches which showed that economic prosperity could be possible through means of Sharia in the country.
The Sharia financing had been started in 2004 at Bank of Khyber when people at the corporate and financial sector were criticizing as the mode of then provincial government as regressive but now it has been proved that Islamic banking is a solid way of strengthening economy.
Surprisingly, after nine years there are nearly 20 banks providing banking services of Sharia financing.
He appealed Federal Government of PML(N) to implement on the Sharia Court order of 1991 and end interest-based banking and financial system in the country.
Pakistan’s economy has not been stabilized for last many decades due to poor economic system along with different experiments however the way-out for the crisis is solely the roadmap which has been defined by our religion.
Minister also said that the Youth Business Program of worth Rs 100 billion should be channelized through Islamic banking to get the maximum advantage of financing and business development.