KARACHI: KCCI Banking and Insurance Sub-Committee recently convened its fifth meeting, with an interactive discussion on Islamic Banking. Leading bankers and finance practitioners were invited to share work practices, issues and modalities.
President KCCI Abdul Majid Haji Muhammad elaborated Islamic Banking, that it was introduced in 70s but true growth is registered in this decade when Meezan Bank was awarded the license by State Bank of Pakistan.
President KCCI referred the example of BCCI which pioneered the banking practices in the country.
Abdul Majid expressed the need of further financial instruments in Islamic banking to leverage the market share which is 6 per cent at present times.
KCCI welcomes Islamic Banks to come forward and use KCCI's platform for networking/coordination and discussion of issues. Ateeq-ur-Rehman, Chairman Banking & Insurance Sub-Committee, KCCI at the occasion requested banks to join hands and shed their rivalry for the promotion and growth of Islamic Banking. "This mode of banking needs special dedication by banking professionals. Islamic Banking should be taken up as a cause and the bankers should come forward irrespective of remuneration or perks offered.
We need more dedicated professionals today as this is the main challenge Islamic Banking industry is facing today in Pakistan and other countries where there is lack of exclusive Islamic bankers." Ateeq-ur-Rehman added. -PR