Islamic financial system has potential to provide better banking and financial services: PCJCCI Chief - Press Release issued by Pakistan China Joint Chamber of Commerce and Industry.

Lahore -- February 01, 2023 (PPI-OT)

Following is the text of press release issued by Pakistan China Joint Chamber of Commerce and Industry (PCJCCI)

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Islamic financial system has 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," stated by Moazzam Ghurki, President Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) today during a think tank session held at PCJCCI Secretariat.

Business and commercial activities should be coherent with the Shariah Corridor and Islamic financial laws 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.

Referring to the Global Islamic Finance Report, Moazzam Ghurki said that Pakistan ranks number nine in the world in terms of development of the Islamic financial services industry in the country. He mentioned that the country is second largest Islamic market (population wise) after Indonesia, and can become the most important player in Islamic banking and finance, if it attains 20 percent market share.

Hamza Khalid, Vice President PCJCCI said that time has come where we should look ahead and concentrate on developing innovative products which are more towards perfection and purity rather than only towards mere permissibility by Shariah, he added. He also stressed the need for strong role of Shariah Advisors in making the Islamic banking more Shairah compliant.

Moazzam Ghurki, President PCJCCI added that at present, there are more than 600 Islamic banking branches throughout Pakistan and 19 Islamic banking institutions are offering Islamic commercial banking services, he informed. According to a report, Pakistan comes after Iran, Malaysia, Saudi Arabia, Bahrain, Kuwait...