Conventional banking being shifted to Islamic mode: SBP

PESHAWAR, Oct 13 (APP): Additional Director State Bank of Pakistan (SBP). Dr Mohammad Salim has said that under a ruling of the Federal Shariat Court, conventional banking in the country was being shifted into Islamic banking system to get the people rid of interest-based banking.
He expressed these views while addressing a meeting of the business community including office bearers of the Federation of Pakistan Chamber of Commerce and Industry (FPCCI) here in the Regional Office, the other day, said a press release issued here on Friday.
Beside, Regional Coordinator FPCCI, Sartaj Ahmad Khan, DCM Mohammad Haroon, Deputy Director Maqsood Bhatti, former president Mohmand Chamber of Commerce and Industry, Sajjad Ali, representatives of various commercial banks and a large number of university students also attended the meeting.
The central bank official said that granting banking sector relief to the business community and giving share to its various schemes was aimed that their efforts for economic stability not go to dustbin and rather cause further growth in it.
He highlighted various ongoing conventional and Islamic banking schemes of the central bank and said that majority of the business community is unaware of them.
He said that for creating awareness amongst the business community, the process of meetings with the latter would be accelerated to go forward towards the resolution of the problems through mutual consultations.
Dr Mohammad Salim told the participants of the meeting that they believed in the uplift of the businessmen and promotion of business activities, saying the strengthening of businesses will ultimately strengthen the national economy. He also agreed with the demands of consistency in policies.
Earlier, in his welcome address, Regional Coordinator FPCCI KP Region, Sartaj Ahmad Khan said that taking about the banking related problems seriously will help increase the export of the country.
At the end, the officials of the State Bank of Pakistan were presented the FPCCI drafted budget proposals and memorial shields.
APP/aqk