Islamic micro banking system to help establishing interest free banking system, Siraj

Peshawar: Senior Minister Sirajul Haq has said that with the allocation of Rs one billion Khyber bank has started Islamic micro finance banking with aim to free the economy from interest and gradually introduce interest free system.

He said that interest banking system is based on exploitation which is not permitted in Religious Islam. “ we want to free the economy from interest and gradually achieve interest free economy system,” Siraj said while talking to media men after inaugurating Islamic micro financing bank system in bank Khyber at its headquarters on Monday.

He said that government is gradually introducing interest free Islamic banking system in the province and for this cause State Bank is also supporting the provincial government. He said on 27 Ramadan in 2003 they have started Islamic banking system in Bank of Khyber and now 45 Islamic Branches of Bank of Khyber are working in the country.

Siraj said micro finance banking system in its first phase would benefit the people of the province however people from across the country would be benefited from micro financing system in the 2nd phase.

He said with eradication of poverty and improve law and order jobs will be created in the province which will help to remove the feelings of inferiority among the youth.

Siraj said the micro finance Islamic system would benefit the low income class besides enabling the skilled youth to start their own businesses.

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