FAISALABAD:The future of banking in Pakistan is directly linked with Islamic and interest-free banking, said Muhammad Ali Siddiqui, group head Product Development and Shariah Compliance Department of a private bank in the country.
Addressing a seminar on Islamic banking & finance, he said the recent decision of the Federal Shariat Court had further brightened the chances of Islamic banking in Pakistan.
He said that because of its unique features, Islamic banking was taking roots not only in Muslim but also in non-Muslim countries.
Muhammad Ali Siddiqui said that now various banks were switching over to Islamic banking while 16 traditional banks had also established their Islamic windows in selected branches. He said that 2,589 branches were providing services in Islamic banking and their numbers were increasing at a much faster pace. He also explained in detail the basic model of Islamic banking and its performance in Pakistan.
Leading industrialists, traders belonging to textile, rice and other sectors participated in the seminar and also raised different questions and queries.