LAHORE, Aug 25: Punjab Finance Minister Tanvir Ashraf Kaira has said that promotion of Islamic banking and finance is the need of the hour.

Inaugurating the second international conference and exhibition on ‘Islamic banking and finance’ at the Aiwan-i-Iqbal here on Monday, he said Islamic finance was a system based on strong economic and social considerations, envisaging equitable distribution of rewards and risks among the stakeholders.

He said it was very encouraging that the Islamic finance was being practised by Muslim as well as a few non-Muslim countries. The United Kingdom had taken significant initiatives in the development of Islamic finance by adopting an open door policy.

The Punjab government was also committed to continue promotion of Islamic financing in the province keeping in

view its linkages with global economy and existing commitments to local and foreign investors.

He said investors from Middle East, Far East and UK had shown keen interest in the establishment of Islamic banks in Pakistan.

The total assets of Islamic banks in Pakistan had increased to Rs135 billion. There were 170 branches of six licenced Islamic banks and more than 13 commercial banks were also offering Islamic banking services.

Chief Minister’s Monitoring and Implementation Cell chairman Haroon Khwaja also addressed the session.

Experts from 12 countries participated in the conference. Besides experts from Malaysia, Bahrain, Sri Lanka, UAE, Mauritius, Britain and Qatar, more than 1,500 local Islamic bankers and Takaful, Sukuk, Modaraba and Leasing experts attended the conference and discussed Islamic finance, rules and regulations for Islamic banking, Islamic fund, Islamic housing finance, Islamic micro-finance and Islamic banking.

Speakers included Takaful Pakistan Limited CEO Captain Jamil Akhtar (retired), Pak-Qatar General Takaful CEO Waqaruddin, Islamic Research Academy, Malaysia, director Muhammad Akram Lal Din and Doha-Qatar Bank head (operations) Muhammad Yahya.