The Allama Iqbal Open University here organised a seminar to promote Islamic banking in Pakistan by raising awareness among people on various topics and issues.

Dr. Ehab ElShami, Chancellor, American International Theism University Florida, USA addressing the seminar said Islamic banking provided a complete economic system, and the western world was taking great interest in it. Islamic banking does not merely aim at eliminating interest from an economy, he added.

Dr. Ehab said the recent global financial crisis had provided an opportunity for Islamic finance to gain a foothold in the global market.

The guest speaker also highlighted various aspects of the interest-free financial system in Islamic banking and shared his practical experiences in America.

Dean, Faculty of Arabic and Islamic Studies, Prof. Dr. Mohyuddin Hashmi said the seminar aimed to highlight various aspects of Islamic banking and to set the course of action for the future. Such activities would help in the development of Islamic finance in the country, he added.

He said, the seminar was a part of a series of seminars, conferences, and symposiums to be held on the directive of Vice-Chancellor, AIOU, Prof Dr. Zia Ul- Qayyum.

The day-long seminar on "Islamic Finance in the Present Era: Challenges and Prospects" was hosted by the AIOU’s Faculty of Arabic and Islamic Studies and attended by people from the Islamic banking field besides its faculty members.

Credit : Independent News Pakistan-WealthPk