Karachi June 18, 09: Speakers in the BIZTEK Seminar on “Islamic Banking: Opportunities & Challenges” called for an open-ended approach to see how best Islamic banking could enjoy credence in an economy where it has to compete the banking system attuned to the Capitalist system.

Dr. Shahid Hassan Siddiqui, renowned economist of the country, highlighted the features which could add more depth to this mode of banking. He thought that Islamic banking could help the country’s development only when it was not exploiting the depositors. He said that Islamic banking as practiced in Pakistan was not Islamic banking.



Dr. Farooq Aziz didn’t see any future for this kind of banking. He didn’t foresee a rosy picture as it was not possible to have risk free products of credit in a world which has been facing crisis after crisis. He said that Islamic banking was a misnomer because Islam permits return on labor, not on land & capital.

Mr. Muhammad Arif, who has headed the Islamic Banking Division, traced the development of Islamic banking and hoped for its future success in attracting those sections which are a bit apprehensive about its success.

The seminar began with the welcome address and concluded with the vote of thanks by Dr. Muhammad Ali Siddiqui, Dean Management and Social Sciences.