A seminar to foster awareness about the Islamic banking was held at the Rawalpindi Chamber of Commerce and Industry.
A seminar to foster awareness about the Islamic banking was held at the Rawalpindi Chamber of Commerce and Industry (RCCI). The seminar was organized in collaboration with Bank Alfalah Islamic (BAI).
The Shariah Board Chairman and Adviser of BAI Mufti Dr. Khalil Azami, the chief guest, said that such seminars contribute towards dissemination of the required information among the people regarding Islamic mode of banking.
Mufti Khalil Azami was of the view that when people will be attracted toward Islamic banking in large numbers to avoid interest, which is prohibited in Islam, they will start following the Islamic teaching in its letter and spirit. This will help us to build a true Muslim welfare state, he added.
He said that economic justice requires a workable economic system supported by a proficient banking system, and interest base banking is inefficient because interest results in concentration of wealth which is not permissible in Islamic system. He said that the major distinction in Islamic banking is because our transactions are assets-base, it is socially responsible banking because it operates under Shariah restrictions and does not permit financing prohibited goods/industries.
He informed the participants that Islamic banking has a variety of products covering all what is being offered by a conventional bank.