Professor Dr Pirzada Qasim, Vice Chancellor of Karachi University said that the purpose of universities and research centres was not only to give education but to develop and make easy access to enhance modern knowledge of the students.

He was delivering presidential address in the seminar on "Islamic Banking" at a local hotel in Karachi.

He said due to those scholars ,teachers, students and Ulema who struggled for the recent system of the Islamic banking, which we are enjoying now, this system depicts the better solution of our today's economical problems, but there is a need to develop the system to meet the modern age challenges and to frame laws in this respect.

The Chief Executive United Chartered Bank of America Asif Aslam told the audience that the banking sector of that kind got 15 percent to 20 percent growth in the past one decade among 500 Islamic financial and monitoring institutions in 51 countries of the world affecting 1.39 billion Muslims.

He also described in detail the target and goals for the betterment of the system.