Islamic banking a must for financial system

Shariah scholars, bankers and business leaders have called for the promotion of Islamic banking by offering interest-free loans. They argue that Islamic banking has become unavoidable in the current financial landscape when various countries are forming alliances to safeguard their economic interests, strengthen their currencies, and elevate their economies to new heights. Speaking at the Islamic Banking Seminar, organised by the State Bank of Pakistan (SBP) at the Hyderabad Chamber of Small Traders and Small Industries (HCST&SI) Secretariat, BankIslami Pakistan senior Shariah scholar Mufti Noman emphasised that only financially strong Muslims could build a strong Islamic society. "Islamic banking is necessary for society as it operates free from interest, gambling and unethical practices. In contrast, conventional banking is interest-based and, therefore, incompatible with Islamic ethics," he said.