Al-Huda Center for Islamic Banking & Economics organized an international workshop on Islamic Agricultural Finance in Avari Hotel, Lahore. In the workshop participants introduced Islamic Financial products for agricultural sector. The key purpose for such products is to pay attention on agriculture sector by the Islamic Banks and other Islamic financial institutions. Workshop was inaugurated by Mr. Tauqeer Ahmed Fayee Central Additional Secretary for Agriculture. In his inauguration speech, he welcomes the Islamic Financial Products for Agricultural sector in Pakistan. According to Mr. Tauqeer these products were much awaited by the people related to the agricultural sector.
While addressing to the workshop, Mr. Zubair Mughal CEO of Al-Huda Center for Islamic Banking & Economics said, it is necessary for the growing network of Islamic Banking to cater the rural areas of the country for their financial services. So the agricultural sector can avail the Islamic Financial Products for green revolution in the country. He Introduced the salient features of Islamic Financial Products. He said these products can be design on the term basis of finance between the farmers and the financial institutions.
He said “BAI MURABAHA” can be used for purchase of seeds, fertilizers and pesticides. “IJARAH” can be used for purchase of Tractors, Harvesters and for agricultural equipments. “MUSHARKA” can be used for purchase of seeds, fertilizers and pesticides along with the needs for irrigation, storage and marketing of the agricultural commodities.
Islamic “SUKUK” bonds should introduce for corporate forming.
The other participants of the workshop were Mr. Khaliq-Uz-Zaman Head of Islamic Bnaking International Islamic University Islamabad, Mr. Hamad Rasool Director Fiance, WAPDA, Mr. Farooq Ahmed Tung Head of Agricultural Askari Bank and some other distinguished persons.
“Muzara Sukuk” is based on the share in the agricultural commodity. “Musaka Sukook” is mend for irrigation”Mogharsa Sukuk” is agricultural partnership and “Istaghna Salam Sukook”.
In the workshop Livestock Takaful and Crop Takaful had also been discussed.