Meezan Bank’s senior management team held a meeting with H.E. Sardar Muhammad Yousaf, the Federal Minister of Religious Affairs & Inter Faith Harmony and Ministry of Religious Affairs and Inter-faith Harmony (MORA) to hold a discussion on the promotion of Riba-free banking system in the country. Mr. Ijaz Farooq, Group Head Group Head Retail Banking, SME/Commercial & Agriculture Finance and Mr. Saleem Khan, General Manager North, represented Meezan bank at the occasion and shed light on the need for strengthening the legal and regulatory foundations for Islamic finance in the country.
Speaking at the occasion, Mr. Ijaz Farooq thanked H.E. Sardar Muhammad Yousaf for changing the MORA Hajj collection and deposit system from interest-based conventional banking to Islamic banking. He said that Islamic banking is gaining popularity due to enhanced awareness as well as the competitive products and services being offered by Islamic Banks. The policy-shift of hiring Islamic banks for the services of Hajj operations is indeed a worthy accomplishment for the Islamic finance industry in Pakistan.
Mr. Saleem Khan while discussing the future outlook of Islamic finance in the country said that the increasing financial stability and regulatory support shall further accelerate the industry developments. He expressed confidence in the future transition of the financial services landscape in Pakistan from an interest-based system to a Riba-free economy.