Islamic banking industry could develop at faster pace if it is practiced in true spirit and principles of Sharia by professionals of banking and religious scholars of the field of finance. Addressing the concluding session of third Islamic FinanceExhibition and Conference (IFEC) on the speakers lauded 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
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.
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.
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