Islamic Banking system to help alleviate poverty: President
ISLAMABAD: President Mamnoon Hussain has said that the Islamic Banking system will help alleviate poverty and eliminate social injustices.
He was addressing Islamic Banking Awards ceremony in Islamabad on Monday.
The President said Islamic banking is gaining popularity in the world.
He pointed out that the direction of the Government in the Islamic Banking is right and the relevant institutions are working hard in this regard.
President Mamnoon Hussain hoped that the Islamic Banking will fulfill the demands of just distribution of money and will have positive impact on country’s economy.
He called upon the State Bank of Pakistan to continue its research in the Islamic Banking and provide guidance to the banks.
Earlier in January, President Mamnoon Hussain inaugurated the Round Table Conference on Islamic Banking – Potential of Pakistan with every hope that efforts being currently made for transition towards Islamic Banking system in the country would be smooth.
During the inaugural address, he expressed his satisfaction that the present government is making serious efforts towards the implementation of Islamic Banking in the country for which a Committee has already been notified to forward recommendations for promotion of Islamic Banking.
The committee with the task to formulate comprehensive policy framework for Islami Financial System in the country would be able to chalk out clear roadmap for transition towards Islamic Banking System, said President Mamnoon Hussain.
He said this was important because elimination of Riba will help the society free from social and economic injustices, exploitations and inequalities.
President also expressed his pleasure that Islamic financial system and institutions were fast developing into a different and distinct paradigm of economics.