Lahore, January 07, 2022 (PPI-OT):Business and Commercial activities should be coherent with the Shariah Corridor and Islamic financial laws. It was stated by Mr. Ehsan Choudhry, Senior Vice President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) during a think tank meeting at PCJCCI premises on Wednesday. The meeting was attended by Mr. Ehsan Choudhry, Senior Vice President, Mr. Sarfaraz Butt, Vice Preside, Mr. Salahuddin Hanif, Secretary General and other executive members of PCJCCI. Referring to the Global Islamic Finance Report, he said that Pakistan ranks number 9 in the world in terms of development of the Islamic financial services industry in the country.

However, he said growth of Islamic banking in the country has been over 30 percent in the last few years, which is certainly above the average global growth rate of Islamic banking and finance. If this trend continues, then one should expect that in the next three years Islamic banking assets will at least double from its current size of Rs 926 billion, he added and observed that the Islamic Financial System has the potential to provide better banking and financial services than the conventional system, provided it capitalizes on its own inherent strengths and avoids following the conventional system.

Mr. Sarfaraz Butt, Vice President PCJCCI highlighted that the urgent need of the Islamic Finance Industry is to build and enhance the professional capacity of each individual. He added that capacity building activities not only help to improve human and institutional capacities but also enhance communication and co-operation among concerned institutions. He also said that the key drivers for growth and competiveness of Islamic banking industry include Product Innovation, Development and Research. Development and adoption of simple, standard and cost-effective legal frameworks for contracts associated with the new and hybrid products.

Mr. Salahuddin Hanif, Secretary General PCJCCI said that Islamic banking has proved over time that it is based on firm and sound economic principles and has a good potential for becoming an alternative system of banking especially in view of the global financial crisis. He further said that all stakeholders should understand the limitations at this stage and work towards its advancement.

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