Chartered Accountants have huge role in promotion of Islamic banking and finance in Pakistan: Deputy Governor State Bank of Pakistan

Karachi, December 18, 2014 (PPI-OT): The Northern Regional Committee of The Institute of Chartered Accountant of Pakistan (ICAP) organized a seminar on “Understanding the Concepts of Islamic Finance” in Lahore.

Saeed Ahmad, Deputy Governor, State Bank of Pakistan, who was the chief guest at a Seminar has said that the chartered accountants have a huge role in promotion of Islamic banking and finance in Pakistan particularly for Musharaka and Mudaraba products, he continued by saying that Islamic banking based upon shariah principles plays an important role in Islamic dealings and in order to drive Islamic shariah, shariah scholars have to be at fore front and recent success of Islamic Banking in Pakistan is because of this exercise undertaken by SBP.

Syed Samar Husnain, Executive Director, SBP expressed his views that fundamentals of Islamic banking and conventional banking are different. The underlying transaction is a financial transaction in Islamic banking; it is not a real sector economic activity. It is actually asset based financing. Ghulam Muhammad Abbasi, Director Islamic Banking and Ms. Fatima Khalid of SBP also attended the event.

Earlier, Asad Feroze, Secretary NRC ICAP and Chairman CPD Committee Lahore, in his opening comments welcomed the esteemed guests from SBP and learned speakers and panelists. Mehmood Arshad Chairman FPCCI standing committee on Islamic Finance and Takaful in his opening comments praised the organizers for holding this event.

Mufti Mohammed Najeeb Khan spoke about Prohibition of Riba and difference between conventional and Islamic banking in detail. Mufti Muhammad Hassaan Kaleem talked about concept of Takaful in Islam. He also compared this concept with conventional concept of insurance. Rizwan Ata, Executive Incharge, Bank Alfalah Islamic Banking Division, briefed participants about Islamic Banking products and also addressed the pertinent question that why Islamic Finance is Islamic. Mujeeb Beig. Senior Vice President and Head Research and Product Development, Islamic Banking Group, MCB Bank Limited also emphasised the need for Islamic banking and dire need for evolving this concept.

For more information, contact:
Muhammad Rafiq
Media Coordinator
Institute of Chartered Accountants of Pakistan (ICAP)
Chartered Accountants Avenue, Clifton
Karachi-75600, Pakistan
Tel: +92-21-111-000-422
Fax: +92-21-99251626
Cell: +92-300-2128185

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