LAHORE: Finance, Planning & Development Provincial Minister Tanvir Ashraf Kaira has said that Islamic banking and finance is a system based on strong economic, financial and social considerations, envisaging equitable distribution of rewards and risks among the stakeholders and it is the need of the hour to promote Islamic banking and financing in the country.

He expressed these views while addressing the inaugural session of 2nd international conference and exhibition on Islamic banking and finance here at Aiwan-e-Iqbal on Monday. The minister said that it is very encouraging that Islamic finance is being practised by Muslim as well as a few non-Muslim countries and United Kingdom has taken significant initiatives in the development of Islamic finance by adopting an open door policy.

He said that Punjab Government is committed to promoting Islamic financing in the province keeping in view its linkages with global economy and existing commitments to local and foreign investors. He said that foreign investors of Middle East, Far East and UK have shown keen interest in establishment of Islamic banks in Pakistan.

He told that total assets of Islamic banks are Rs 135b and there are 170 branches of 6 licensed full-fledged Islamic banks and more than 13 commercial banks are working in Islamic banking. Chief Minister Monitoring and Implementation Cell Chairman Haroon Khawaja also addressed the session.

Earlier, Tanvir Ashraf Kaira inaugurated the exhibition. Meanwhile, as per the official handout of DGPR, the minister will be the chief guest on the occasion of the 1st convocation of University of South Asia held here at a local hotel on August 27.