Recent trends in economical and financial situation of different countries, where economies based on conventional banking systems are facing a lot of problems and at the same time a tremendous growth has been observed in Islamic financial system, it can be concluded that Islamic financial system provides the perfect pathway for socio-economic development in a country. Pakistani government should realise the importance it has, over interest-based economy, and the state-owned institutions should not just stop resisting change towards Islamic system but they should also promote it as a central agenda item of development plans. SBP and other institutions should have a separate department, the experts over there will research on Islamic financial system and will provide the solutions of the newly arise economic problems based on Sharia’ compliant rules.
Well said sir.
I agree with all your points. Just to share, SBP does have separate department of Islamic Banking and the department has a dedicated Research division in it.
Naveed
SBP
The head office is managing both the banking operations riba based and Islamic banking. there is no segregation of income and expenditures. How can one draw a line between two.
Comments are closed.