KARACHI, Sept 14: Acting President Mohammadmian Soomro on Wednesday called for a multi-pronged approach including research for new concepts and instruments to ensure a faster growth of Islamic banking in the country.

He was delivering a thought-provoking keynote address at the inaugural session of first Pakistan Islamic Banking and Money Market Conference, jointly organized by Ferguson Association, Islamic Development Bank and International Islamic Financial Market.

He underlined the need for research on large-scale for developing new instruments and new concepts in Islamic banking so that it gets attention of users.

Similarly, he emphasized on creating awareness about Islamic banking and its benefits among the people especially the users of interest-free banking.

The research, he said, is vital for the faster growth of Islamic banking in the country as people need new products which are not alike or akin to conventional instruments like mutual fund, leasing etc.

Soomro also called for devising a standardized definition of Islamic banking so that its concept should be cleared not only among Islamic countries but also in the western world.

He also emphasized upon the use of ethical practices in Islamic banking because the whole concept of Islamic banking was based on ethics and sharing returns not merely looking at books.

The Senate chairman said for better results the interaction and coordination with Shariah boards was a must.

He also underlined the need for training of all stakeholders involved in interest-free banking. He suggested Islamic bankers to explore the needs of the users of Islamic mode of financing and cater according to their requirements.

He observed that Shariah boards of the banks must be well versed of all aspects of Islamic banking according to the belief.—APP