Effective coordination between State Bank, Chamber needed for promoting Islamic banking : Nadeem Siddiqui,

HYDERABAD, Nov 04 (APP): President Hyderabad Chamber of Small Traders & Small Industry, Nadeem Ahmed Siddiqui, has said that strong and effective coordination between the Chamber, State Bank of Pakistan and Islamic banks is essential for promoting Islamic banking, improving access to financial facilities and supporting the growth of the business community.
He urged traders and industrialists to make full use of the facilities offered by Islamic banks and familiarize themselves with Islamic banking principles and practices to strengthen and expand their businesses.
He expressed these views while addressing the awareness session titled “Myth vs. Fact: How Islamic Banks Operate,” organized by the Hyderabad Chamber in collaboration with the State Bank of Pakistan at the HCSTSI Secretariat.
On the occasion, Faysal Bank’s Shariah Scholar, Mufti Shaikh Sufiyan, delivered a detailed presentation on the fundamental principles, operational framework and various financial products of Islamic banking. He explained the key differences between conventional commercial banking and Islamic banking, highlighting that Islamic banking provides financial facilities through Shariah-compliant contracts based on trade, assets and genuine economic activities, while avoiding interest (Riba). In contrast, interest on loans remains a fundamental feature of conventional banking.
He also explained various Islamic financing methods and their practical applications with relevant examples.
Deputy Chief Manager, State Bank of Pakistan, Hyderabad, Khadim Hussain Khokhar, highlighted the government’s vision and policy initiatives for promoting Islamic banking. He stated that further awareness sessions would be organized to enhance understanding of Islamic banking among small and medium-sized enterprises (SMEs), traders and industrialists. He also appreciated HCSTSI’s cooperation and its role in facilitating the session in collaboration with the State Bank of Pakistan.
Regional General Manager of Faysal Bank, Amir Ali Khan, invited HCSTSI members of the business community to benefit from the bank’s diverse banking facilities and services. He assured that Faysal Bank would extend its fullest cooperation to traders and industrialists in meeting their financial requirements, developing their businesses and expanding their commercial activities.
The session was attended by State Bank of Pakistan Assistant Directors Sabghatullah Noonari and Manthar Muhammad; Faysal Bank representatives Rasool Bux Jamali, Nadeem Abro, Muhammad Bilal and Muhammad Arif Noonari; HCSTSI Vice President Irfan Arbiani, former President Muhammad Akram Ansari, members of the Executive Committee, and a large number of traders and industrialists.
During the interactive session, participants raised questions regarding the practical operations of Islamic banking, business financing facilities and Shariah-compliant banking practices. The experts responded to their queries in detail. At the conclusion of the programme, HCSTSI Senior Vice President Muhammad Fahad Mian presented the vote of thanks and expressed his gratitude to the distinguished guests and participants for their presence and valuable contributions.