Bank of Khyber hosts seminar to promote Islamic Banking
The Bank of Khyber organized a seminar in Abbottabad aimed at
promoting the principles of Islamic banking and eliminating interest-based
transactions. Mufti Fazl Hakim, during the event, emphasized the institution's
commitment to adhering to Sharia principles under the guidance of the Sharia
Board. He highlighted their dedication to providing interest-free capital
investment and upholding an Islamic economic framework as prescribed by Allah.
Mufti Fazl Hakim underlined that the Creator has distinctly
differentiated between what is permissible and what is prohibited. He stressed
that the Holy Quran encompasses a comprehensive range of subjects, including
beliefs, societal matters, and transactions, while characterizing the banking
sector as an industry.
Hafiz Muhammad Zahid, the Area Manager of Islamic Banking in
Islamabad, underscored the pivotal role that banks play in the nation's
economy. He pointed out that among the 31 banks operating in the country, five
are dedicated to Islamic banking, with the Bank of Khyber being a significant
contributor.
However, he expressed concern that despite being grounded in
Islamic principles, a substantial 75% of Pakistan's economy still relies on
interest-based transactions. Hafiz Muhammad Zahid disclosed that the Bank of
Khyber, with its 240 branches, is a trailblazer in the field, with 50% of its
operations aligning with Islamic principles. In contrast, other banks only
achieve 20% coverage.
Operated under the oversight of the Sharia Court and Muftis, the
Bank of Khyber aims to lead in the promotion of Islamic banking. Hafiz Zahid
urged the citizens of Abbottabad to actively engage in the bank's initiatives
for the nation's advancement and the propagation of Islamic banking principles.
He called upon them to contribute to the elimination of the interest-based
system and the cultivation of a society free from such practices.
The seminar saw the participation of notable figures, including
Abdul Samad, Advisor to the Sharia Board of BoK; Mufti Fazl Hakim, Head of
Sharia Research and Revenue Department; Mohammad Adeel, Head of Business and
Liability; Mufti Abdul Wajid, District Khateeb; Mufti Kaleem; Maulana Sarfaraz
Farooqi from Jamiat Ahl-e-Hadith; and Maulana Khurshid Ahmed Khateeb of Jama
Masjid Kachhari.
Source: APP