KARACHI: State Bank of Pakistan (SBP) Deputy Governor Saleem Ullah on Wednesday emphasised the need for a rapid shift towards Islamic banking.

Speaking at the 2nd National Islamic Eco­nomic Forum, organised by Saylani Welfare Inter­national Trust and Darul Uloom Memon on Wednesday, the SBP deputy chief said that the interest-based banking system is unjust, calling on banks to focus on wealth creation, change attitudes, and take decisive actions rather than merely engaging in dialogue.

He expressed optimism about expediting the journey of Islamic banking in Pakistan by making swift decisions and educating the Sharia community about business.

Saylani Trust Founder Chairman Maulana Bashir Farooq Qadri echoed the SBP’s deputy governor’s sentiments, urging a determined effort against the interest-based banking system.

Mufti Azam Pakistan and National Islamic Economic Forum Patron-in-Chief Mufti Muneeb-ur-Rehman criticised the issuance of Sukuk by pledging immovable assets, deeming it insufficient for the country’s economic development. Criticising the State Bank’s approach, he urged a direct establishment of Islamic banks instead of the opening of branches of conventional banks.

Published in Dawn, February 22nd, 2024