Banks should develop innovative, cost effective and business friendly Islamic Banking products to facilitate the smooth growth of business activities in the country.

These remarks were made by Yassar Sakhi Butt, President, Islamabad Chamber of Commerce and Industry (ICCI), while inaugurating the UBL AMEEN, Melody Market Branch, Islamabad.

He was of the view that many people do not have enough knowledge about Islamic moods of financing as Islamic banking has captured only 5 percent share in the banking sector of our country. He stressed that it is the responsibility of the banking industry experts as well as the Government to increase proper awareness regarding Islamic banking.

ICCI President also underscored the need of promoting Islamic microfinance in the field of micro credit which would be a step forward to eliminate poverty from Pakistan. He said tax laws and SECP instruments relating to the Islamic banking should be fine-tuned so that this mode of banking is promoted and potential existing in the country is fully taped.

Yassar Sakhi Butt emphasized upon the Islamic banks to diversify their investment portfolios by enhancing financing to Small and Medium Enterprises (SMEs) because SMEs have been ignored by conventional finance industry due to relatively high risk perception.

Mr. Nusrat Ullah Khan, Group Head UBL-AMEEN, Islamic Banking, Mr. Abdul Jabbar Junejo, General Manager North, Mr. Bu Ali Shah, Mr. Adil Salahuddin, Customer Services Head North and Mr. Muhammad Sajid Javed, Branch Manager said that Islamic Banking has a bright future in Pakistan as it has shown impressive growth as compared to conventional banking. They said Government has provided a supportive policy and regulatory framework for Islamic banking due to which this mode of banking is enjoying rapid growth.

Syed Adil Anis, President Melody Market, Mr. Zahid Maqboool, Mr. Munawar Mughal, Mr. Muhammad Hassan, Mr. Ameen ur Rehman, Mr. Zafar Shahzad, Mr. Saeed Bhatti, Mr. Naveed Malik, Mr. Khalid Chaudary, Chaudary Sajid and Muhammad Saeed Khan were also present on the occasion.