Poverty, unemployement result of interest-based banking: Siraj

KP finance minister says strengthening of BoK would lead to prosperity of people

Khyber Pakhtunkhwa (KP) Finance Minister Sirajul Haq on Friday instructed the Bank of Khyber (BoK) officials to perform their professional duties devotedly.

He told them to promote interest-free Islamic banking and to focus on in-depth study, research and comparative study of the world’s economies.

He said the developed countries were trying to introduce the exploitation-free banking system.

“The future rests in this system,” he said.

The minister was talking to separate delegations of the officers and employees association of the BoK that called on him to inform him of their performance and the problems faced by them.

The JI leader said the strengthening of the BoK would lead to prosperity of the people of KP, adding that serious efforts had to be put into the attempt.

He said the Islamic branches of the BoK did record business which resulted in the shooting up of its rating country wide, reflecting the trust of the people in the bank.

He attributed the prevailing poverty and unemployment in the country to the interest-based banking system.

“Freedom from interest-based economy would guarantee the development and prosperity of Pakistan,” he said.

The minister said Islamic banking was being practiced in 70 countries, including United States and the European countries.

Presently a $600 billion investment was being done in Islamic banking throughout the world.

He said the KP government would develop the provincial public-sector bank to give more financial benefits to its clients.

He said his party’s previous provincial government had already given legal cover to the Islamic banking system by passing an act in the sssembly, adding that the process would not be discontinued.

He told the bank employees to participate in charity activities for the poor during the holy month of Ramadan, saying it was the duty of the state and the society to ensure the welfare of the poor.

He said the BoK officials should motivate investors to open maximum deposits in the bank.

The minister said the provincial government was talking to the center to give KP its hydel net profit and all other due rights to enable the people of the terror-hit and poverty-stricken province to stand on their own feet and contribute to national progress.