FAISALABAD:Islamic banking sector should take tangible measures to fight against economic woes of farming community so that they can adopt modern technology which is imperative for food security and sustainable economy.
This was stated by Prof Dr Iqrar Ahmad Khan, Vice Chancellor (VC) University of Agriculture Faisalabad (UAF), while addressing a one-day seminar on “Islamic Economy and Banking” jointly organized by the Institute of Agriculture and Resource Economics, Office of Research, Innovation and Commercialization UAF, State Bank of Pakistan and Faisal Bank, here on Wednesday.
Dr Iqrar said that 95 percent farmers in the country were small land holders having less than five acres. Due to economic difficulties, the farmers were reluctant to adopt modern technology. “If we formulate a viable strategy to bring modern technology to small farmers, it will not only ensure an increase in per acre production and bring agricultural prosperity but also help alleviate poverty”, he added.
Chief Manager State Bank Waqas Kashif Bajwa said that compared to conventional banking, Islamic banking was growing rapidly. State Bank of Pakistan was also taking all possible measures to promote Islamic banking, he added.
Dean Faculty of Social Sciences Dr. Sarfraz Hassan said that Islamic banking was the best way to establish an interest-free economy, which was increasing due to the trust of people.
Dr. Khalid Mushtaq, Dr. Khalid Bashir, Mufti Muhammad Shoaib Amin, Mufti Ashjaa Khan, representative of State Bank Tahir Abbas and Imran Yousuf from Faisal Bank also spoke on this occasion.