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Monday, 9 June 2014

Islamic banking in Pakistan

Sunday, June 08, 2014 - Banking sector has immense importance for the growth and economic development of a country. Pakistan has a growing economy and banking sector is playing a vital role in it. Being a Muslim nation our first priority should be Islamic Banking. Efforts for elimination of Riba started during 1970s and most of the significant and practical steps were taken in 1980. In 1980 initial steps were taken by the State Bank of Pakistan by changing the rules and regulations of the Banking sector. After that in 2001 first certificate had been issued to Meezan Bank as a full fledged Islamic Bank.

Many people think that there is no concept of Banking in Islam. Obviously, the concept of Banking is not categorically prescribed in Quran and Hadith, but the fundamentals and a comprehensive code has been provided, which lays down the foundation of Islamic banking. Shahriah provides the guide line about conducting business in fair way. Ulema can play an important role for the promotion of Islamic banking. They can create awareness in people about Islamic banking and mobilize the society for elimination of riba. This is their religious obligation to tell the people how strictly riba is prohibited in Islam. Ulema should give the reference to the Quran and Hadith to people. 

Awareness of Islamic banks can also be created by media. People can be encouraged to deposit their savings in the banks. 

Most of the people have spare money and they do not deposit their money in the banks. Such saving remains idol unless it is invested for productive purpose. If people deposit their savings in the banks, it leads to the financial strength of the country and enhances employment opportunities in the country. 

Proper steps should be taken to educate the people; enhancement in the Islamic banking training of the staff should be taken into consideration.

(Pakistan Observer / 08 June 2014)
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