RECORDER REPORT

FAISALABAD: "Allied Bank Limited (ABL) has established more than 77 branches in 34 major cities to carter to the need of the consumers considering the Riba Free Islamic banking," said Mian Muhammad Idrees, Chief Islamic Banking Group of the Allied Bank.

Addressing a seminar on "Islamic Banking" held on Thursday, he said that Allied Bank Limited is committed to long-term promotion of Islamic banking across the country.

"It expects to play a key role in its growth being an active player of Islamic banking", he said.

ABL aims to provide financial services and solutions within the paradigm of Shariah credentials to its clients, he added.

He further said that ABL has introduced different products to carter to the diversified need of the banking sector which has received excellent response from its new and old clients.

He said that current share of Islamic Banking in Pakistan is only 11% to 13% which is expected to jump during 2018.

He said that special arrangements have been made for clients dealing in traditional banking to switch over the Islamic banking.

Sheikh Rashid Farooq Group, Head Islamic Banking said on the occasion that efforts have been intensified to further expand the networking of Islamic banking as maximum people are interested in it that could accommodate their entire banking needs within the parameters of Islamic banking.

Shariah Advisor and Divisional Head Liabilities & Assets, Mufti Iftikhar briefed about the different Islamic products specially designed for the SME sector.

"All these are fully complaint to Shariah and people have also shown full faith in these products", he added.

Farooq Allahawala, Zonal Chairman Pakistan Yarn Merchants Association lauded the Islamic banking of Allied Bank and said that its products are more reliable than other banks.

The seminar was also attended by leading businessmen including Rehan Naseem Brara chairman Faisalabad Garment City, Habib Iqbal, Hassan Khalil and Humayun Khairke.