SBP launches 2nd media drive to promote Islamic banking

31/12/2014 07:59 AST

The extensive Knowledge, Attitude, Practices (KAP) study of State Bank of Pakistan (SBP) established demand for Islamic banking at all level but at the same time revealed lack of awareness not only among ordinary people but also even among qualified and educated groups.

There is desire among consumer to know more about Islamic banking and address some crucial questions.

Deputy Governor SBP Saeed Ahmad launching 2nd phase of media campaign for promotion of Islamic banking in Pakistan congratulated all the stakeholders on successful completion of first phase of media campaign, which primarily focused on developing awareness and improving visibility of Islamic banking in the country.

He said the main theme of 2nd phase of this campaign was education and awareness of Islamic banking. Through this campaign people would be able to know the basic principles of Islamic banking. This would translate into growth of the industry.

Building of this phase will stand on preparation of documentaries on Islamic finance explaining basic concepts, practices and also address the general misconceptions, intensive use of print media for dissemination of basic Islamic banking concepts, engaging electronic media for initiating talks on Islamic banking and finance by renowned Islamic finance professionals, highlighting value proposition and Shariah compliance of Islamic banking and dissemination of the brochures and pamphlets containing answers of some of the common questions about Islamic banking by public at large.

Steering Committee for Promotion of Islamic Banking constituted by the federal government has completed its first year and various issues faced by the Islamic banking industry have been discussed and solutions have been recommended.

He disclosed Federal Finance Minister would launch 3rd Round of Financial Innovation Challenge Fund on January 9 in Islamabad.

The theme of this round is to invite leading business schools and universities of the country for the establishment of a 'Centre of Excellence for Islamic Banking and Finance'.

Irfan Siddiqui Chairman of Committee for Media Campaign said with coordinated efforts industry would achieve 20 percent share target by 2020.

He suggested specific workshops and training programmes should be designed for corporate customers, general public, Islamic scholars, government officials and judiciary to create awareness of the products and services offered by Islamic banks.

He emphasised the need to speed up the work to establish Centre of Excellence on Islamic Finance in each province.

Daily Times