Business community should come forward to demand for Islamic Banking: Mian Idrees

Karachi, June 11, 2015 (PPI-OT): The Islamic banking is the key of success for every trade and business entity, if implemented with passions, this was stated by Mian Idrees, President FPCCI in a meeting with Deputy Governor State Bank of Pakistan who visited FPCCI, Karachi. The meeting was also attended by Abdul Rahim Janoo, Sr. Vice President, Zubair Tufail, Mehmood Arshad, Chairman FPCCI Standing Committee on Islamic Banking and Takaful and a large number of businessmen.

The other offices of FPCCI in Lahore and Islamabad and KPK Chamber of Commerce and Industry were also linked through Video conferencing. The President of KPK CCI along with his team also participated in the discussion and given valuable suggestions.

The Deputy Governor State Bank Saeed Ahmed Khan said that there is great potential of Islamic banking in Pakistan and the tendency of conversion of the public from conventional banks to Islamic banks can be witnessed with fact that five Islamic banks are working with 1600 branches in the country and 17 conventional banks have opened Islamic banking counters keeping the growth of faith-based banking system.

The Deputy Governor further said that there is great responsibility on the shoulders of business community, if they demand for Islamic banking than the banks would be bound to serve them accordingly, he added.

The President FPCCI said that the Islamic banking sector is facing various problems due lack of tax regulations and system of double taxation. He said that the government should take necessary measures for the promotion of Islamic banking in Pakistan. Mian Idrees urged the government for five year tax holiday for Islamic banking and the Musharaka based transaction should be separated from KIBOR. He also suggested that all public organization should be instructed to adopt Islamic banking system.

The President FPCCI Mian Idrees assured the Deputy Governor SBP for full support and cooperation for the promotion of Islamic banking through creating awareness programs in all regional and capital offices of FPCCI and the member bodies of FPCCI in other cities. He also agreed to have sign MoU with the State Bank of Pakistan to spread the awareness of Islamic Banking Products amongst the Business community and trade bodies of Pakistan.

For more information, contact:
M. A. Lodhi
Secretary General
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Karachi-75600, Pakistan
Tel: +92-21-35873691, 93-94
Fax: +92-21-35874332