ISLAMABAD: Shaikh Khalid Tawab, Sr. Vice President Federation of Pakistan Chambers of Commerce & Industry (FPCCI) appreciated the decision of Finance Minister for formulating a Committee for the implementation of recommendations of the Steering Committee for the promotion of Islamic Banking.

He stated that the expansion and promotion of Islamic banking is the need of the hour because it is risk-sharing and asset-backed nature and was growing and unaffected in the period of global financial crisis. He also lauded the role of State Bank in promoting Islamic banking and establishment of centers of excellence, launch of All Islamic Share Index and policy framework for establishment of Islamic banking subsidiaries in Pakistan.