The present Islamic banking requires improvements to bring it in full conformity with Shariah and every one has to play his role in this regard, said Muhammad Ayub, a globally recognised scholar in Islamic Economics here Friday. The State Bank has a Sharaiah Board to look after the affairs of Islamic Banking in the country but it has to be made more proactive to achieve the objective of promoting Islamic banking system, he said.

Speaking at a seminar on “What is Islamic Banking and where does it stand”, organised by Riphah Center of Islamic Business, a constituent institute of Riphah International University, Islamabad, he highlighted the importance of Islamic business and finance particularly in the wake of present crisis in world’s economy where the banks dealing in Islamic banking successfully resisted the pressures on the business and finance.

Muhammad Ayub, who is also Director Research & Training of RCIB, said Riphah Center of Islamic Business (RCIB) is playing an active role in imparting education in Islamic Business and Finance as per teachings of the Holy Qura’an.

Presently, a number of students of the RCIB are qualified Alam-e-Deen and after completing MBA programme at the center will be an asset for business concerns, industry and banking to run them on Islamic principles. Vice Chancellor Riphah International University Prof. Dr. Anis Ahmed, in his remarks, said the seminar will help to explain the fact that Islamic principles of business and finance provide checks for all the factors that have corrupted the national and global economies and the finance. He said these principles need to be adopted for the relief to the mankind. Islamic banking has become hallmark of today’s financial world, he added. app