President Alvi urges banks to develop links with varsities for research
KARACHI: President Dr Arif Alvi on Monday advised the banks to develop links with universities for nurturing the trend of conducting research on latest trends and demands of the market.
Speaking as the chief guest in the 4th Roundtable conference on Islamic Banking, the president said why there was a need to establish a separate organisation for research when the students of universities were carrying out studies on a variety of topics as a requirement of MPhil and PhD studies.
He said the banking sector should provide guidance and patronage to research students so as to align their efforts with the market requirements and modern trends.
The banks would get the required researches, while the students would be encouraged to work with more dedication, he added.
Dr Alvi said that the concentration of capital was painful and was too against the teachings of Islam and a good Islamic society opposed the accumulation of wealth.
The transfer of inheritance of wealth and property immediately after death of a person was also the spirit of the teachings of Islam, he said.
He also called for establishing Islamic Shariah compliance instruments in Pakistan, adding that the discrepancies between the rich and poor sections have largely been increased during the period of 2014 and 2018.
The president said the institutions and organisations across the world were being compelled to safeguard the interests of their customers, workers, society and also ensure justice.
Dr Alvi also called for dedicating a proportion of loans by the banking sector for financing women empowerment to enable them contribute positively in the sustainable development of the country.
Earlier, Federal Minister for Finance and Revenue Shaukat Tarin, Adviser to the Prime Minister Dr Ishrat Husain, State Bank of Pakistan Governor Dr Reza Baqir, Pakistan Stock Exchange chairperson Dr Shamshad Akhter, and Sindh Bank Shariah Board chairman Mufti Muhammad Najeeb Khan also spoke, while Sindh Governor Imran Ismail and other notables were also in attendance.
Addressing the occasion, Dr Ishrat Husain said that the Islamic banking system got the potential to meet the modern challenges and it could appear as an alternative to the conventional system.
Both parties got equitable shares in profit under the Islamic banking, which he termed a beauty of the system. Dr Husain also called for paying attention by the Islamic banking to the neglected sectors.
Dr Reza Baqir apprised the participants that the Islamic banking facility was available in over 60 countries and said it was moving in the right direction.
The Pakistani nationals settled abroad took keen interest in the Shariah-compliant system, he added.
The response of the people on all the schemes, which have been launched in the last two years in line with the Shariah-compliant were remarkable, he added.
The SBP governor also called for designing products for the agriculture and Small and Medium Enterprises (SMEs) under the Shariah-compliant system, to facilitate the people attached to these sectors.
Mufti Najeeb said that efforts were being made across the world to promote Islamic banking.
He suggested that the Islamic banking should be incorporated in the education curriculum of the country, and called for the need to take steps to create awareness among the masses about the Islamic banking and promotion of halal industry.
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