Faisalabad:Prof. Dr. Muhammad Tayyab, Principal, Government Graduate College, Abdullahpur said that Islamic banking system is a prerequisite for the Islamic Republic of Pakistan.
In this connection, State Bank of Pakistan and other relevant financial institutions must take steps to dispel misconceptions about it so that it could replace the Riba-based economy positively by the end of 2027.
Addressing an awareness session on Islamic Banking and Finance, he appreciated SBP’s continued efforts for promoting Islamic Banking and enhancing public awareness regarding Shariah-compliant financial services in Pakistan.
Mufti Abdul Basit, Shariah Scholar associated with Meezan Bank, delivered a comprehensive session on Islamic Banking, explaining its fundamental principles and distinguishing features vis- -vis conventional banking.
He also elaborated various Islamic banking products and modes of financing.
Responding to the participants’ questions, he clarified misconceptions regarding their practical application.
The interactive session provided an opportunity for faculty and staff to gain a better understanding of Islamic Banking and its role in developing a more informed and financially inclusive society.