The absence of a comprehensive Islamic financial system with Shariah-based financial services would hinder the development of Islamic banking and finance in the country. This was stated by President Karachi Chamber of Commerce and Industry (KCCI) Muhammad Haroon Agar. He said over the years, growth and turnaround in the country’s banking sector had been unprecedented.
The profitability of banks had risen to an exceptional level, credit was fairly diversified and bank-wide system risks were well-contained. He was exchanging views with the President and CEO Burj Bank Ahmed Khizer Khan who visited KCCI Saturday along with Baqir Hussain, Head of External Relations, Burj Bank.
Agar said Islamic banking and finance initially had evolved as a form of financial inter-mediation for the Islamic community to conduct financial transactions that conform to Islamic tenets. Haroon Agar stated that today, the Islamic financial industry has gained wider acceptance and appreciation and has expanded beyond the traditional borders of the Muslim-based economies into the major industrial economies to become an integral component of the global financial system. Although Islamic finance is at emerging stage of development in Pakistan, it has experienced rapid expansion and is fast developing as a viable and robust form of financial intermediation with significant potential.
President KCCI said that for Islamic Banking and Finance to be sustainable, compliance with Shariah principles alone is not sufficient. Over the long run, customers and businesses demand for quality in the products and services that Islamic finance offers. This is the challenge for Islamic banking and finance, to be able to provide a comprehensive range of Islamic financial products and services that are not only innovative and competitive but Shariah compliant. He also invited the President of Burj Bank for participation in the Financial Pavilion of the KCCI’s 10th My-Karachi Exhibition 2013 scheduled in July 2013.
President and CEO of Burj Bank Limited Ahmed Khizer Khan recognized the role of Karachi Chamber of Commerce & Industry in the socio-economic development of Pakistan and expressed gratitude to President KCCI for providing an opportunity to apprise about Burj Bank. He stated that the Burj Bank aims to provide innovative and efficient Islamic banking solutions to exceed customers’ expectations and optimize shareholders value. He stated that Burj Bank was offering various Shariah compliant products and was expanding its operations across Pakistan. Presently, 75 branches were operating countrywide.
KCCI for comprehensive Islamic financial system in country
