The senior management of Meezan Bank kept a meeting with H.E. Sardar Muhammad Yousaf, the Federal Minister of Religious Affairs & Inter Faith Harmony and Ministry of Religious Affairs and Inter-Faith Harmony (MORA).
This meeting was conducted to discuss and work on the promotion of Riba-free banking system in Pakistan. Mr. Ijaz Farooq, Group Head Group Head Retail Banking, SME/Commercial & Agriculture Finance and Mr. Saleem Khan, General Manager North denoted Meezan Bank at the event and emphasized on the dire need of establishment of the legal and regulatory fundamentals of Islamic Finance in the country.
Mr. Ijaz Farook complimented the efforts of H.E Sardar Muhammad Yousaf in changing the MORA Hajj group and deposit system from Riba-based conservative banking to Islamic banking. He said, “Islamic banking is gaining popularity due to enhanced awareness as well as the competitive products and services being offered by Islamic Banks. The policy-shift of hiring Islamic banks for the services of Hajj operations is indeed a worthy accomplishment for the Islamic finance industry in Pakistan.”
On the other hand, Mr. Saleem Khan while addressing to the future conditions of Islamic Finance in Pakistan stressed that the country needs strong financial constancy and regulatory support to enhance industry developments. He believes that the future landscape of financial services in Pakistan is highly probable to shift from an interest-based system to an Interest-free economy.