Islamic Banking Industry Witnesses Rapid Growth

The global Islamic banking industry has witnessed a rapid growth with particular focus on implementation of Shariah compliance mechanism which will further strengthen the confidence of account holders.

FAISALABAD, (UrduPoint / Pakistan Point News - 7th Nov, 2018 ) :The global Islamic banking industry has witnessed a rapid growth with particular focus on implementation of Shariah compliance mechanism which will further strengthen the confidence of account holders.

Head Shariah Compliance Meezan Bank Ahmed Ali Siddiqui said this while addressing a workshop organized by State Bank of Pakistan (SBP) Faisalabad in collaboration with Meezan Bank for Muftis and Ulemas here Wednesday.

The purpose of the workshop was to sensitize the audience about the benefits of Riba-free banking amongst the masses. The seminar featured renowned scholars, teachers, professionals as well as various Muftis and Ulema.

The seminar was attended by more than 50 renowned participants from various schools of thoughts including representatives of Meezan Bank and State Bank of Pakistan (SBP).

Head of Shariah Compliance Ahmed Ali Siddiqui briefed the audience about the concepts and application of modern day Islamic banking.

Presenting an overview of the global scenario and the growth of Islamic banking in other countries, he clarified the common misconceptions prevalent in this domain.

He told that Islamic Finance Industry was working to provide more authentic and reliable mechanism of Sharia complianceso that system is preferred by its customers to fulfill their entire banking needs.