Islamic Banking

FAISALABAD November 23 2022:  There is a need to take measures for supporting farming community for which Islamic banking should comeup with tangible measures to fight their  economic woes so that the farmers can adopt modern technology that will help achievefood security and contribute towards sustainable economy, said Prof Dr IqrarAhmad Khan, Vice Chancellor, University of Agriculture Faisalabad.   He addressed a one-day seminar titled Islamic Economy and Banking jointlyorganized by the Institute of Agriculture and Resource Economics; Office of Research,Innovation and Commercialization UAF; State Bank of Pakistan and Faisal Bank.He said that 95 percent of farmers in the country are small farmers of lessthan five acres. He said that due to economic difficulties, our farmers were reluctantto adopt modern technology. If we formulate a viable strategy to bring moderntechnology to small farmers, it will not only ensure an increase in per acre productionbut alleviate poverty and agricultural prosperity. He said that it is necessaryto increase the loans of banks in the field of agriculture. He said that the UAFplayed a vital role in the agricultural policy. StateBank Chief Manager Waqas Kashif Bajwa said compared to conventional banking,Islamic banking was growing rapidly. He said that the State Bank is taking allpossible measures to promote Islamic banking. He said that seminars andconferences on Islamic baking is a good step towards creating awareness. Dean Social Sciences Dr. Sarfraz Hassan said Islamic banking is thebest way to establish an interest-free economy, which is increasing dueto the trust of people. He urged the participants to create awareness about Islamic banking Dr. Khalid Mushtaq said that the ratio of lending in agriculturewas not as per its share to the economy. He said that we need to increase the bankingloans in the agri sector.  Dr. Khalid Bashir called for spending the lives as per injection ofIslam that will also combat the economic challenges.   He saidthat all efforts are being made to raise awareness among individuals regardingIslamic banking. Mufti Muhammad Shoaib Amin, Mufti Ashjaa Khan, representative ofState Bank Tahir Abbas and Imran Yusuf from Faisal Bank also spoke on thisoccasion.