KARACHI, Feb 27: The SBP has set up a task force for the development of Islamic banking, Islamic interbank market and training with education. “In order to promote research and development as well as training and academic curricula for different levels of education, a task force comprising Shariah advisors of banks has been set up in the State Bank,” said a press release issued by the central bank.

State Bank governor Dr Shamshad Akhtar presided over a meeting of the Shariah advisors of present and upcoming Islamic banking institutions here on Monday reiterated that the SBP was committed to promoting Islamic banking in its true letter and spirit and appreciated the role of Shariah advisors in providing right and balanced guidance to the industry.

She said that in order to fully realize the potential of Islamic banking in the country, the financial needs of urban as well as rural areas should be met in a Shariah-compliant manner. “There is a need of raising the level of awareness about the concepts and practices of Islamic banking,” she added.