Speakers at the concluding session of third Islamic Finance Exhibition and Conference (IFEC) held on Friday, said that they lauded the efforts of scholars, Islamic bankers and regulators in the promotion and development of Islamic banking as a replacement of riba or interest-based banking.
They praised the efforts of State Bank of Pakistan (SBP) for devising a five-year strategic plan and sharia guideline framework for the Islamic Banks, which they term, will expand Islamic banking industry with check and balance.
Saeed Uddin Khan, Head of Islamic Banking Division, Sindh Bank, said the promoting Islamic banking for meeting the need public financial needs could be possible if products and services should be completed based on sharia complaints.
He said customers at large could be attractive through boosting their confidence in Islamic banking, its offers and products must be truly in accordance with principle of Islam.
The high confidence of customers in Islamic banking will guarantee expansion of Islamic banking industry and its business throughout the country. It could be done through building a strong perception of Islamic banking in line with its sharia framework, he added.
Mufti Ahsan Waqar Ahmed, Sharia Adviser of National Bank of Pakistan, said the research and development work on the products and services should be continued for the improvement in the system, and gearing up the penetration of the sharia based banking in the society.
The Islamic banking professionals in the bank should be well trained of the principles of Islamic banking and financing from top level to grass root for real change and betterment in the banking practices.
The board of directors makes development plan and business strategy of the bank hence their decisions should be highly influenced under the guidelines of Islamic banking for its successful penetration across the board of financial institutions.