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Al-Baraka team assures promotion of Islamic Banking

RECORDER REPORT

ISLAMABAD: The senior managers of the Saudi-owned Al-Baraka Islamic Bank concluded their visit to Pakistan with an assurance to economists and customer gatherings that they would continue working for the promotion of Islamisation of their banking operations.

The team was led by Salah A Zainalabedin, General Manager, Bahrain-based financial institution and included Amer Mohammad Arif, bank's assistant general manager and Shafqaat Ahmed, country manager for Pakistan.

Addressing a gathering of businessmen, bank's clients, diplomats from Saudi Embassy and officials of the International Islamic University here on Saturday, Zainalabedin said that Al-Baraka was committed for promoting Islamic banking through Islamically-structured financial instruments. He claimed that the bank owned by Al-Dallah-Al-Baraka group was the first foreign commercial bank fashioned after the principles of Islamic Shariah that was doing business in Pakistan.

The Al-Baraka chief briefed them of the new products they had launched in Pakistan after clearance from the Darul Ifta of Karachi which includes Justice Dr Mohammad Taqi Usmani, a member of the Shariat Appellate Bench of the Supreme Court. Dr Usmani sits in the court as one of the two religious experts and he recently wrote a consenting note to the judgement on the question of interest-based banking.

The product approved by the Darul Ifta approved a new Murabaha investment scheme of the bank which has been launched as Al-Baraka Murabaha Islamic Investment (AMI) accounts which can be started with as little investment as Rs 50,000 or with Rs 200,000 and more. The account combines the security of investment with "halal profits".

During their visit here, the bank executives met with Dr. Hassan Mahmood Shafie, President, International Islamic University, Dr Anis Ahmed, Director General, Dawah Academy of the university.