BankIslami working to promote Islamic banking in Pakistan
BankIslami, a leading Islamic financial institution in Pakistan, has launched a new initiative aimed at making riba-free (interest-free) banking accessible to individuals of all faiths and backgrounds. This initiative is part of the bank’s mission to promote ethical and inclusive banking, rooted in Shariah principles and social responsibility.
Riba, or interest, is prohibited in
many religious traditions due to its exploitative nature. Islamic banking
offers a fair and transparent financial alternative that appeals to people
across various faiths. The global Islamic finance industry, now valued at over
$3 trillion, continues to grow as more consumers seek Shariah-compliant
financial solutions.
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The launch event, held at Karachi’s
Mohatta Palace, attracted notable figures including Jameel Ahmad, Governor of
the State Bank of Pakistan, Deputy Governor Saleem Ullah, and Sindh Police IG
Ghulam Nabi Memon. Their presence underscored broad support for BankIslami’s
efforts to enhance financial inclusivity in Pakistan.
Governor Ahmad praised BankIslami’s
initiative, emphasizing the State Bank’s vision of creating a financial system
accessible to everyone. "BankIslami’s commitment to 'saving humanity from
riba' highlights the importance of inclusive banking, and the State Bank fully
supports the growth of Islamic banking in Pakistan," he stated.
Rizwan Ata, CEO of BankIslami, noted
that this initiative aligns with Quaid-e-Azam Muhammad Ali Jinnah’s vision of
equality. “By offering riba-free financial solutions, we aim to foster trust
and transparency within Pakistan’s banking sector,” Ata said.
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Deputy CEO Imran H. Shaikh
emphasized the universal appeal of Islamic banking, remarking, “Islamic banking
isn’t just for Muslims. It’s for anyone who values fairness and ethical
practices. BankIslami is creating a banking system that respects and includes
everyone.”
To build trust and understanding,
BankIslami has collaborated with clerics from different religious backgrounds.
The goal is to provide previously underserved communities with access to a fair
and ethical banking system that promotes shared risk, asset-backed
transactions, and a strong focus on social responsibility.
Source: Express Tribune