Islamabad Chamber of Commerce and Industry (ICCI) President Yassar Sakhi Butt said banks should develop innovative, cost effective and business friendly Islamic banking products to allow smooth growth of business activities in the country.
He stated this at the inauguration of the UBL AMEEN, Melody Market Branch on Thursday. Sakhi Butt said many people do not have enough knowledge about Islamic financing as Islamic banking currently captures only five percent of the banking sector’s share. He stated that it was the responsibility of the banking industry experts as well as the government to increase awareness about Islamic banking.
He emphasised the need to promote Islamic microfinance, which could help to eliminate poverty from Pakistan. Sakhi Butt said the Islamic banks needed to diversify their investment portfolios by enhancing financing to small and medium enterprises as the sector has been ignored by the conventional finance industry due to the relatively high risk perception.
UBL-AMEEN Group Head Nusrat Ullah Khan, Islamic Banking official Abdul Jabbar Junejo, General Manager North Bu Ali Shah, Head Customer Services North Adil Salahuddin and Branch Manager Muhammad Sajid Javed were also present on the occasion.
They said Islamic Banking has a bright future in Pakistan as it has shown impressive growth as compared to conventional banking. They stated that the government has provided a supportive policy and regulatory framework for Islamic banking due to which the sector is enjoying rapid growth.
