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Thursday, 26 March 2015

People urged to donate zakat to govt’s fund

Zakat and Ushr minister Malik Nadeem Kamran on Wednesday urged the public to contribute their zakat to the department’s fund.

He said with the adoption of the new distribution and monitoring system, the donors could rest assured that their funds would go only to the needy. “The department will share complete information of the recipients with the donors,” he said.
Kamran said a database of beneficiaries had already been compiled to prevent any irregularity in disbursement of funds. He said the department was now comparing its data with the National Database and Registration Authority record.
He said the department was now using the money transfer service of various cell phone companies to disburse zakat funds. He said with the new system in place the department was cutting down on the time and paperwork needed in the distribution of funds.
He said funds were earlier distributed using cross cheques issued in the name of the beneficiaries.
“The department had to prepare up to 500,000 cheques after every three months,” he said.
He said with the new distribution system in place monitoring of the payment process had become easier.
Kamran said that a telephone help-line had been set up by the department for the assistance of deserving beneficiaries.
Information about district- and union council- level committees was now available on the department’s website, he said. This included office addresses and telephone numbers of the committee chairmen, he said. He said application forms for the zakat.
(The Express Tribune / 26 March 2015)
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SBP to establish Centre of Excellence in Islamic Finance Education

KARACHI: State Bank of Pakistan aimed to establish the Centre of Excellence in Islamic Finance Education (CEIFE) after getting proposals from the HEC certified universities having business schools, reported by External Relations Department of State Bank of Pakistan.
The Finance Minister Ishaq Dar, addressing at the opening ceremony of proposals received to establish a CEIFE expressed his pleasure on the efforts being made to increase the radius of Islamic banking and finance. He said, “I would like to extend my special appreciation to the State Bank of Pakistan for supporting such initiatives. I am optimistic that this Centre will further strengthen the foundations of Islamic finance in the country through rigorous research and by addressing the challenge of the dearth of human resources.”
The Minister said, both SBP and Government are committed for the development of Islamic banking in Pakistan. After coming to power, our Government established a ‘Steering Committee’ to look after the Islamic banking in the country.
The Governor SBP, Ashraf Mahmood Wathra said the size of Islamic finance industry had reached US$ 1.8 trillion in last four decades.
According to experts, Globally, Shariah compliant assets are expected to grow 15-20% annually and financial assets are likely to hit the milestone of US$5 trillion by 2020. If talk about Pakistan, by the end of 2018, share of Islamic Banking in overall banking industry will be 15$ that is currently 10%.
The opening ceremony of CEIFE  was arranged after getting proposals from the HEC certified universities preferably with business schools by the end of February 20, 2015. The centre would be established after considering the proposals.
(The News Teller / 26 March 2015)
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