Islamic banking in Pakistan has made significant progress and is developing rapidly. Many banks have launched Islamic banking branches and are working to fully implement Islamic banking practices and create investment opportunities according to Islamic law. The State Bank of Pakistan plays a key role through its Sharia Advisory Board, which provides guidance to banks on Islamic banking and explores new investment sources and modes in line with Islamic principles. Speakers at an event on Islamic banking emphasized the benefits of the discussion and the need for traders, bankers, government, and others to work together to further develop Islamic banking in Pakistan.

1. PRESS RELEASE
Breakthrough in Islamic Banking holds bright prospects.
Breakthrough with respect to Islamic Banking in Pakistan is very bright as
it has attained a regular practical shape. At the moment many banks in the country are
heading very rapidly towards wholesome and perfect Islamic Banking and they are
creating conducive environment for investment according to Islamic Shariah. Several
banks have launched branches of Islamic Banking. These views were expressed by Mr.
Amer Khalil-ur-Rehman, Vice President, Islamic Banking, Askari Bank, Rawalpindi,
here on the eve of Week-long Celebrations of Foundation of Council of Islamic Ideology.
He delivered his lecture on “Islamic Financial System / Islamic Banking : Concept and
Practical Implementation.” He said that State Bank of Pakistan was playing a key role
with respect to Islamic Banking. Its Shariah Advisory Board provides guidance to those
banks that are engaged in Islamic Banking and it comprises of learned Islamic Scholars
who are searching for new sources and new modes of investment according to Islamic
Shariah.
Dr. Mahmood Ahmed Ghazi, President, International Islamic University,
Islamabad in his presidential address said that all of the audience have been benefited by
the scholarly speech made by Amer Khalil-ur-Rehman. Had there been a few more
bankers like Amer Khalil-ur-Rehman, the destination of Islamic Banking would not have
been un-achievable. He further said that the issue of permission of trading to banks is
under consideration since 1980 and now-a-days the Shariah Advisory Board of State
Bank of Pakistan is also analyzing this issue. Nevertheless, the need of the hour is that
traders, bankers, Government and all of us should strive together for Islamic Banking.
This task cannot be accomplished by a sole person. Prior to this, Dr. Muhammad Khalid
Masud, Chairman, Council of Islamic Ideology, Islamabad welcomed the president and
speaker of today’s function, as well as the participants.
(Muhammad Khalid Saif)
Senior Research Officer.