KARACHI: The Banking and Insurance Sub-Committee of Karachi Chamber and Commerce and Industry (KCCI) recently held a meeting its 6th meeting in which was hashed out the pros and cons of Islamic Banking. The attendants of the moot deeply discussed the Concept, Criteria and Parameters and Practices of the Islamic Banking System.
Ateeq-ur-Rehman, Chairman, Banking and Insurance KCCI was presiding the moot whereas in his address he urged and stressed on the need for promotion and implementation of Islamic Banking.
The meeting discussed ways to promote and clarify the Islamic Banking System in the Business Committee and clarify the doubts regarding the Islamic Banking System.
The members participating the meeting were of the view that Pakistan is passing through Double Dip Recession, the most likely thing is to see an economy grow through local and foreign investment expansions, stronger manufacturing and better exports, Islamic Banking can play a vital role, which it has not played so far.
The participants said that Islamic Banking System has not achieved the growth, which many expected for it because lack of professionals in the field, replica of services (in many cases) of conventional banks, not taken the job as a cause or privilege.
The current 5 to 6 per cent is a negligible growth for Islamic Banking in Pakistan; it should attain at least 12 to 15 per cent annual growth. On the conclusion of the moot the members advised and said that emphases should be given to small medium funding and micro-financing in Islamic Banking taking in to account the dilapidated economic conditions of Pakistan. -PR