Resolution passed to promote Islamic Banking

LAHORE, NOV 4 2010: In the fourth International Conference on Islamic Banking and Takaful, a resolution was passed to eliminate Commodity Murabbah (interest rate) from Islamic Banking on Thursday.

The ending ceremony of the three-day Conference was organized by Al Huda Centre of Islamic Banking and Economics held at Country Club, Royal Palm Hotel Lahore.

Numerous delegates from Islamic banking, Takaful companies, Islamic funds, industrialists, businessmen from USA, Malaysia, Indonesia, Mauritius, South Africa and Kenya took part in the ceremony.

Yaseen Anwar, Deputy Governor Banking, State Bank of Pakistan inaugurated the conference on 2nd November, 2010 at Expo Centre, Lahore.

Delegates from over 24 counties attended this international conference that was the first ever mega conference organized on the topic of Islamic banking and Takaful.

Talking to the closing ceremony, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics said the government should give the time frame to ban the conventional banking to implement Riba-Free banking structure in Pakistan. He said that there are various exemplary countries where Islamic banking is well implemented fulfilling the latest demands of the industry. Islamic banking can also be given protection under the resolution of Pakistan.

He said “Islamic banks are untouched by the world economic crunch that has grasped thousands of conventional banks so it is the evidence that Islamic banking system is far sound and secured as compare to conventional banking”.

At the end of the conference, a few resolutions were also passed for the promotion of Islamic banking and finance and planning for the awareness of Islamic banking, development of linkages between Islamic banks and financial institutions and the resolutions for ending commodity Murabbah and immediate ban on non Islamic items were included in them.

Conference was continued for 3 days in which first day covered the topics such as Shariah issues and its methodology, Takaful, Islamic brokerage, Halal Industry and 2nd and 3rd day covered the topics as Islamic microfinance and Shariah standardization.