News Column

Sharia-based banking and insurance stressed

June 20, 2014

Speakers at Second Islamic Financial Expo and Conference (IFEC) urged masses to adopt Sharia-based banking and insurance in their need of daily lives and businesses being an alternative and interest-free financial system.

Second Islamic Financial Expo and Conference (IFEC) held at local hotel on Thursday.

Participants of various walk of lives enlightened the potential of Islamic banking and their advantages in the world and hereafter underlining the need of awareness and penetration of Islamic banking and Takaful services across the country.

Faizan Ahmed Memon, head of products development, HBL Islamic Banking Division said that there is a widespread misconception about the Islamic banking services among the masses but people are reluctant to get awareness and doing research on the importance of Sharia-based banking system which is much better than conventional banking system, he added.

Though the growth of Islamic Banking Industry is superb in Pakistan but it pace is still slow keeping in view the relevance of religion with majority of population and Islamic welfare state, he said.

Memon urged the participants of the conference going through the financial system of Islamic which is not only comprehensive for their worldly needs but helps those avoiding major sins of involving in riba or interest.

Qazi Abdul Samad, Sharia Advisor Bank of Khyber, Saqib Zeeshan, Head of Distribution Pak-Qatar Family Takaful Limited, Muhammad Faisal Shaikh, Head of Products Development, Bank Islamic, Majyd Aziz, former president KCCI, Kaiser Waheed, Executive Member of PPMA, and Naeem Qureshi also spoke on the occasion.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Daily Messenger (Pakistan)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters