LAHORE -The Allied Bank Islamic Banking Group (ABL IBG) organised a seminar on the subject of Islamic banking in Islamabad recently. The event was attended by notables from all walks of life that included delegates from Islamabad Chamber of Commerce & Industries, renowned businessmen and leading existing and prospective clientele. 

Chairman Sharia Board, Allied Aitbaar Islamic Banking (AAIB), Mufti Muhammad Iftikhar Baig; Chief of Islamic Banking Group, Shaikh Raashed Rauf; Group Head Business Islamic Banking, Rehman Khan Daha and Regional Head North II, Islamic Banking, Shakir Mehmood Akbar were also present at the occasion.

Islamic Banking Regional Head North II gave a brief introduction to Islamic banking, its history, relevance and importance in society, particularly in relation to business transactions while welcoming the guests.

President of Islamabad Chamber, Sardar Yasir Ilyas also appreciated the initiative of ABL IBG to apprise the business community on the subject while the Senior Vice President ICCI, Mrs Fatima Azim addressed the audience and highlighted the essence of Islamic banking and its future potential. Chief ABL IBG Shaikh Raashed Rauf elaborated in detail the role of Islamic banking in Pakistan and ABL’s contribution at large towards Islamic banking financial inclusion. 

He updated the audience about the Allied Aitbaar Islamic Banking and its nationwide network of 117 exclusive Islamic banking branches and 85 Islamic banking windows (IBWs) within conventional setup of the bank. 

Shaikh Raashed Rauf further highlighted ABL’s unique feature of developing products according to various demographic structures of the society. He also reiterated SBP’s role and ABL’s initiatives in line with the recent policy developments besides providing his insight on Islamic banking and its evolution. 

Sharia Board Chairman Mufti Muhammad Iftikhar Baig delivered a comprehensive presentation on the importance of Islamic banking in day to day life and economy and products and transactions involved therein. He briefed the audience about the difference between conventional and Islamic banking and the various myths associated with the subject of Islamic banking. 

In the end, a Q&A session was arranged with the Chairman Sharia Board, in which the audience participated enthusiastically to get their misconceptions clarified on the subject.