Islamabad: Meezan Bank in collaboration with Islamabad Chamber of Commerce & Industry held a seminar at Chamber House on “Introduction to Islamic Banking & Clearing Doubts”. Large number of business community attended the seminar.
Mr. Farhanul Haq Usmani, Vice President, Product Development & Sharia Compliance, Meezan Bank was the main speaker and gave a detailed presentation on Islamic banking.
He highlighted the differentiation between Islamic and conventional banking and said that due to interest-based conventional banking, many third world countries have fallen into serious debt trap.
He said conventional banking depends on rising banking spread as it takes deposits on minimum interest and lends at very high interest while Islamic banking focuses on developing partnership with depositors and customers.
He said 20% of current debt to third world is lent to buy arms and major portion of what is left is spent on useless projects while Islamic banking focuses on fostering trade and business activities.
Mr. Farhanul Haq Usmani highlighted various products of Islamic banking for corporate and individual customers and added that Islamic products cover 85% of the services offered by conventional banks.
He said five full-fledged Islamic banks are working in Pakistan and many conventional banks are also offering Sharia compliant Islamic products, which shows that Islamic banking is on a good growth trajectory. He said Meezan Bank in cooperation with ICCI would like to hold more awareness events on Islamic banking products so that businessmen could utilize them for expansion of their businesses.
Speaking at the occasion, Shaban Khalid, President, Islamabad Chamber of Commerce & Industry thanked Meezan Bank for organizing an awareness session on Islamic banking and hoped that the event will prove beneficial to the members.
He said Islamic banking now provides viable alternative banking solutions and there is a need to organize more such events to apprise the businessmen and the general public of the Sharia compliant Islamic banking products.
He said Meezan Bank should focus on developing innovative and competitive value propositions to meet the financial needs of today’s competitive business environment.
Nisar A. Kiani, Executive Vice President, Meezan Bank gave an overview of Meezan Bank and said that Meezan Bank was given license in 2002. Within a period of 12 years, it has established 351 bank branches in 103 cities of the country with more than Rs.300 billion financial portfolio.
He said Meezan Bank stands at No.8 in Pakistan and our mission is to promote interest free banking to meet the Sharia compliant financial needs of the customers.