After the State Bank of Pakistan declared a mandatory full transition to the Islamic banking system by 2027, the local business community attended an awareness seminar to understand the implications of the nationwide shift towards interest-free finance.
The session, a joint initiative of the Jhang Chamber of Commerce and Industry and Meezan Bank, was held on Thursday to familiarize local business figures with the principles and practical aspects of the Sharia-compliant financial model. Member of the Punjab Assembly, Sheikh Muhammad Akram, attended the event as the chief guest, while several prominent figures from the regional business and banking sectors also accompanied him.
Addressing the attendees, renowned Sharia scholar Mufti Abdul Basit explained that Islamic banking operates as an interest-free system designed to promote trade and investment based on Sharia principles. He emphasized the importance for the business community to familiarize themselves with this system before the 2027 deadline.
He stressed that the transparent procedures of this model are designed to mitigate business risks, while also ensuring that profits are distributed on fair and lawful (halal) grounds, thereby promoting ethical trade.
The participants described the seminar as a timely and highly beneficial initiative, stressing that such sessions are urgently needed to help the business community understand the fundamental concepts and practical application of the new system.
The attendees expressed a collective opinion that the widespread adoption of Islamic banking will not only support the commercial sector but also strengthen the national economy by establishing it on solid and interest-free foundations.
At the conclusion of the event, officials from the Jhang Chamber of Commerce and Industry thanked Meezan Bank and all the participants and reiterated their commitment to organizing similar educational forums in the future.