Islamabad: Federal Finance Minister Hafeez Sheikh has said Islamic principles of finance have proved their viability worldwide as the Islamic banking and finance was growing at a rapid pace globally.
Addressing the inaugural session of two day international conference on Islamic Business and Finance here on Tuesday he said that The federal minister said that the size of Islamic Banking is expected to reach US$1.3 trillion worldwide in near future adding that at present more than 1,100 institutions were offering Islamic finance service across the globe.
The size of investments in Islamic banking system reached to Rs.424 billion till 2010 in the country he said adding the government was taking measures to encourage Islamic banking and finance.
He said that the Islamic banking was also very productive for the agriculture field which could take benefit of it, however urged the banks to extend their role and reach the farming community.
He highlighted the importance of modernizing the overall banking system of the country for the economic progress.
He said that the Islamic banks, coupled with a number of dedicated Islamic academic, legal, regulatory and supervisory institutions could provide solid platform for future growth and development of the Islamic finance industry.
The federal minister called up the Islamic banking institutions to enhance awareness about Islamic banking products and develop human resource by facilitating and arranging training workshops, short-term courses and particularly offering post graduate academic institutions.
Speaking on the occasion, Vice Chancellor, Riphah International University, Dr. Anis Ahmed highlighted various aspects of the Islamic banking.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription