ISLAMABAD, Aug 12: Speakers at a seminar called for promoting interest-free banking in Pakistan to ensure maximum benefits to the common people. The Islamabad Chamber of Commerce and Industry (ICCI) had organized the seminar on ‘Islamic financing for business industry and interest free banking’ here on Friday.

Hafeez Arshad Malik, an expert on Islamic banking, gave a brief presentation on various aspect of the interest free banking system. He said Quran had strictly forbidden interest and declared it Haram.

He quoted a number of examples in this respect and said about 250 institutions were benefiting from Islamic banking and 26 financial institutions were operating on this principle.

Mr Arshad said Bahrain had established an Islamic Banking Regulatory Authority and a number of banks were issuing interest free credit cards. ICCI President Tariq Sadiq said the business community fully understood the importance of interest free banking and was aware of its benefits.

He said most of the banks were working on interest, and public-sector departments were charging it on utility bills as well.

The ICCI president said it was very difficult for a common man to save himself from this curse and appealed to the experts on Islamic banking to spread information and knowledge among the masses about procedures to save themselves from interest.

Faisalabad Chamber of Commerce and Industry President Mohammad Idrees expressing his views said his industry was operating on interest free principles.

He informed the participants that he had to face a number of challenges and difficulties for conversion of his business into a interest free system.