Faisalabad: The State Bank of Pakistan’s Banking Services Corporation (SBP-BSC) Faisalabad has brought Islamic finance closer to students pursuing religious education through an awareness and training session at Jamia Al-Hasnain, focusing on Shariah principles, Islamic banking practices and their practical application within the modern financial system.
The session was organized to enhance participants’ understanding of Islamic banking and finance, Shariah principles and the ways in which these principles are applied in contemporary banking and financial services.
Senior Officer SBP Faisalabad Shoaib Munir welcomed the participants and briefed them about the objectives of the session.
Divisional Head SBP-BSC Faisalabad Ahmad Bilal Arif highlighted the importance of promoting awareness of Islamic banking and finance, particularly among students receiving higher religious education.
He said that greater understanding of contemporary financial systems and Islamic financial principles could help religious scholars and students better comprehend the practical dimensions of Shariah-compliant banking and finance.
Mufti Abdul Basit, Shariah scholar at Meezan Bank Limited, delivered a detailed presentation on the fundamental Shariah principles governing Islamic banking.
He explained different Islamic banking contracts, the concept of interest and its prohibition, Islamic financial methods and products, and mechanisms for ensuring Shariah compliance in modern banking operations.
The speaker also explained the fundamental differences between Islamic and conventional banking through practical examples, enabling participants to understand how Shariah principles are reflected in financial transactions and banking products.
An interactive question-answer session was also held after the presentation, during which the participants raised questions regarding Islamic banking, financial contracts and Shariah-compliant banking practices.
Representatives and administrators of Jamia Al-Hasnain including Maulana Zubairullah Shah, Maulana Muhammad Arif and Sheikh Ramzi Al-Habib attended the awareness session.
The Jamia administrators appreciated the State Bank of Pakistan’s efforts to promote awareness of Islamic banking and finance among students of religious seminaries and emphasized the value of continued engagement between financial institutions and institutions imparting religious education.
The participants also expressed interest in gaining a deeper understanding of emerging Islamic financial products and their practical application in Pakistan’s evolving banking sector.