NBP seminar on ‘Islamic Banking Challenges and Opportunities’

KARACHI: Link Resources in collaboration with National Bank of Pakistan organised a seminar on “Islamic Banking Challenges and Opportunities” during the week in Karachi. It was presided over by Professor Barrister Habib Ur Rehman, former Dean Faculty of Law Karachi University and former Federal Minister while Syed Muhammd Shahid Senior Vice-President NBP Islamic Banking in the Aitemaad was the Chief Guest on this occasion. Mubasher Mir President Karachi Editors Club, Manzar Naqvi, Shabbir H. Kazmi, Aneeq Ahmed, Tahir Rizvi MD/CEO One Apples, Masood Zaidi, Khalid Haqqi, Mufti Bilal Jahangir, Muhammad Arif Ex-Director SBP, Sattar Habib, Col. (Retd) Mukhtar Butt, Ateeq ur Rehman of KCCI were the speakers in the seminar who highlighted the Performance and problems of Islamic banking in Pakistan. Syed Ibne Hassan, Spokesman of NBP moderated the whole event beautifully.

Syed Muhammad Shahid in his address said, “We as Muslims are aware of the prohibition of “Riba” in Islam. However, due to deep roots of interest-based banking in our lives and lack of availability of Shariah compliant banking products, we had become part of interest-based banking system”.

He said with the emergence of Islamic Banking in Pakistan in 2001, people started getting proper Shariah compliant banking alternates and over the years the product suit and branchnetwork of Islamic banking has increased substantially.

As the awareness of Islamic banking increased among the masses, people started shifting to Islamic banking. There has also been a big influx of new customers to bank in Islamic banking who earlier stayed away from banking system (due to the element of interest).

He said the Islamic Finance Industry is growing rapidly in Pakistan. NBP being one of the largest and only Government owned banks in the country, realizing its customer expectation and need for Islamic banking, embarked on the objective for providing high quality and cost effective Islamic banking products and services to the nation especially people living in far-flung areas of the country having a need for Shariah compliant banking services. The seminar was largely attended by media and people belonging to banking and financial sectors.

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