Pakistan having big potential for Islamic banking : EGIB Chief

KARACHI, Mar. 25 (APP): Karachi Chamber of Commerce and Industry’s leadership on Wednesday urged President, Emirates Global Islamic Bank, Syed Tariq Hussain to focus on micro-financing in Pakistan so that low income people can start business and contribute in strengthening national economy besides their better life. 

“ For eliminating un-employment here, the Bank should provide very soft loans to the common man,” President KCCI Anjum Nisar, Vice President KCCI Mohammad Ali and other business community representatives emphasized during a meeting with the Chief of Emirates Global Islamic Bank (EGIB) at KCCI Secretariat here. 

Speaking at the occasion, the President EGIB requested the business community to shift to Islamic Banking and save them from ‘Riba’ which is ‘Haram’ according to Islam. 

He said there is great potential and best environment for growth of Islamic banking in the country. The Islamic banking is growing significantly and hopefully its share in banking industry of Pakistan will increase to 12 percent in next three years. 

He said we must move to ‘Muharqa’ gradually to make the society a real Islamic one. However, he said, it will take some time to establish Islamic banking industry in the country. 

KCCI members urged EGIB Chief to expand the bank’s loaning facility to education and health sectors for the benefit of the low income and deserving people.