People asked to adopt Islamic financial system

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KARACHI: Islamic finance experts have urged the people to adopt Sharia-based banking and insurance in their daily lives and businesses as it is an interest-free financial system that has been witnessing tremendous growth globally and across the country.


Several speakers at the Second Islamic Financial Expo and Conference on Thursday highlighted the potential of Islamic banking and its advantages and underlined the need for creating awareness of Islamic banking and Takaful services across the country.


Faizan Ahmed Memon, Head of Product Development at HBL Islamic Banking Division, said that there is a misconception about Islamic banking services among the people.


He added that people are reluctant to get awareness and do research on the significance of Sharia-based banking system, which is much better than the conventional or interest-based banking system.


Rizwan Atta, Head of Islamic Banking at Bank Alfalah Limited, said that Islamic financial system is compatible in the present times and is a better alternative to the interest-based financial system.


He added that Islamic bankers are active in introducing different products to customers, which not only meets their demands at the commercial and domestic levels but also fulfills the Sharia principle equally.


Mufti Ibrahim Essa, Sharia Adviser Ernst and Young Ford Rhodes Sidat Hyder, said that the people’s confusion and negative mindset is the biggest impediment towards the Islamic banking industry’s expansion in the country.

Courtesy:   The News

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