KARACHI: The President of Pakistan, Dr. Arif Alvi Monday asked the banks to guide students in their conducting research studies.
The President was speaking as the chief guest at the 4th Roundtable Conference on Islamic Banking.
The President asked why there was a need to establish a separate organization for research when the students of universities were carrying out studies on a variety of topics.
He said the research students should be given guidance and patronage by the banking sector so as to align their efforts with the market requirements and modern trends.
The banks would get the required researches, while the students would be encouraged to work with more dedication, he added.
Dr Arif Alvi said the concentration of capital was painful and it was against the teachings of Islam too as a good Islamic society opposed the accumulation of wealth.
Distribution of inheritance of wealth and property immediately after death of a person was also spirit of the teachings of Islam, he said.
He also called for establishing Islamic Shariah Compliance Instruments in Pakistan.
The President observed that the discrepancies between the rich and the poor sections had largely increased during 2014 to 2018.
The President said the institutions and organizations all over the world were being compelled to safeguard the interests of their customers, workers, and society besides ensuring justice.
Dr Alvi called for dedicating a proportion of loans by the banking sector for financing on women empowerment to enable them contribute positively in the sustainable development of the country.
Those who spoke on the occasion included Federal Minister for Finance and Revenue, Shaukat Tarin, Advisor to the Prime Minister, Dr Ishrat Hussain, Governor State Bank of Pakistan, Dr Reza Baqir, Chairperson Pakistan Stock Exchange, Dr Shamshad Akhter, and Chairman Shariah Board of Sindh Bank – Islamic Banking Division Mufti Muhammad Najeeb Khan. Governor of Sindh, Imran Ismail and other notables were also in attendance.
Dr Ishrat Hussain said that Islamic Banking system got the potential to meet the modern challenges and it could appear as an alternative to the conventional system.
He said both the parties got equitable shares in profit under the Islamic banking which, he termed as a beauty of the system.
Dr Ishrat Hussain also urged the Islamic banking to pay attention to the neglected sectors.
Governor State Bank of Pakistan, Dr Reza Baqir apprised the participants that the Islamic banking facility was available in over 60 countries and it was moving in the right direction.
He told the gathering that the Pakistani nationals settled abroad took keen interest in Shariah- compliant system.
The response of the people on all the schemes which had been launched in the past two years in line with the Shairah- compliant were remarkable, he recalled.
He also called for designing products for the agriculture and Small and Medium Enterprises (SMEs) sector under the Shariah-Compliant system, to facilitate the people attached with these sectors.
Speaking on the occasion, Mufti Najeeb said efforts were being made all over the world to promote the Islamic banking.
He also suggested that the Islamic banking should be incorporated in the education curriculum of the country.
He said steps should be taken to create awareness among the masses about the Islamic banking and promotion of Halal industry.
Addressing on the occasion, Federal Minister for Finance, Revenue and Economic Affairs, Shaukat Tarin appreciated the organizers for holding conference on the Islamic banking.
He expressed confidence that the participants of the conference will objectively analyze progress made so far in the Islamic banking industry and will contemplate upon the ways and means how to diverse the future path for taking the industry in the next phase of development.
The finance minister said that the Islamic Banking had grown rapidly, both in the local and international financial markets.
He said that Islamic finance system is a prudence financing option that ensures funds are employed for the prescribed purpose.
He said that since Pakistan suffers from low financial services penetration the Islamic banking empowering the poor and vulnerable groups, thus, this can help in poverty alleviation.
He expressed joy that the Islamic banking system is progressing in Pakistan and the government has played a pivotal role in promotion and development of Islamic banking as result of which today it was recognized as a stable and resilient segment of the overall banking industry.
He said that provision of a level playing field to the Islamic banking and financial industry and conventional system had been one of the priority areas.
He said that the current government as a part of the national financial inclusion strategy aimed at enhancing the share of Islamic Bank share to 25 percent by 2023.
He said that the State Bank of Pakistan’s (SBP) efforts for development of Islamic banking were commendable. The SBP and Security and Exchange Commission of Pakistan (SECP) were taking a number of measures for promotion of Islamic banking in Pakistan, he added.
He said that the Islamic banking expected to more actively venture in the currently under-served areas like agriculture, SMEs, mircofinance, infrastructure and housing as these can play an important role in GDP growth, employment generation and overall development of the country.