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State Bank governor opens first Islamic banking course

Staff Report

KARACHI: With the increasing demand for Islamic banking in the country, there is a need for trained bank staff with the right qualifications to undertake Islamic banking based on Shariah principles and methodologies, said Dr Ishrat Husain, governor, State Bank of Pakistan (SBP), here on Monday.

The governor, while inaugurating the First Islamic Banking Certificate Course at the National Institute of Banking & Finance (NIBAF), Karachi Campus, said the State Bank was implementing in letter and spirit the decision of the Supreme Court regarding the Riba-free banking in the country.

He said that they would provide a level playing field for the conventional and Islamic banking in the country. Islamic banking would run parallel to the conventional banking and it is upto the people of Pakistan to choose which type of banking they would adopt, he said and added: “We need to encourage growth of genuine Islamic banking in the country.”

Dr Ishrat Husain said the State Bank had taken a number of steps for the promotion of Islamic banking in Pakistan, which included the issuance of licences to Islamic banks, Islamic banking branches and setting up of subsidiaries by commercial banks for Islamic banking

He said the State Bank had issued the Essentials and Model Agreements of Islamic Modes of Financing as recommended by the Commission for Transformation of Financial System and approved by the Shariah Board of the SBP in order to ensure observance of Shariah principles by the institutions conducting Islamic banking in Pakistan.

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