Mian Rashid Asghar.
FAISALABAD: There is a need to take measures for supporting farming community for which Islamic banking should come up with tangible measures to fight their economic woes so that the farmers can adopt modern technology that will help achieve food security and contribute towards sustainable economy, said Prof Dr Iqrar Ahmad Khan, Vice Chancellor, University of Agriculture Faisalabad.
He addressed a one-day seminar titled Islamic Economy and Banking jointly organized by the Institute of Agriculture and Resource Economics; Office of Research, Innovation and Commercialization UAF; State Bank of Pakistan and Faisal Bank. He said that 95 percent of farmers in the country are small farmers of less than five acres. He said that due to economic difficulties, our farmers were reluctant to adopt modern technology. If we formulate a viable strategy to bring modern technology to small farmers, it will not only ensure an increase in per acre production but alleviate poverty and agricultural prosperity. He said that it is necessary to increase the loans of banks in the field of agriculture. He said that the UAF played a vital role in the agricultural policy.
State Bank Chief Manager Waqas Kashif Bajwa said compared to conventional banking, Islamic banking was growing rapidly. He said that the State Bank is taking all possible measures to promote Islamic banking. He said that seminars and conferences on Islamic baking is a good step towards creating awareness.
Dean Social Sciences Dr. Sarfraz Hassan said Islamic banking is the best way to establish an interest-free economy, which is increasing due to the trust of people. He urged the participants to create awareness about Islamic banking
Dr. Khalid Mushtaq said that the ratio of lending in agriculture was not as per its share to the economy. He said that we need to increase the banking loans in the agri sector.
Dr. Khalid Bashir called for spending the lives as per injection of Islam that will also combat the economic challenges. He said that all efforts are being made to raise awareness among individuals regarding Islamic banking.
Mufti Muhammad Shoaib Amin, Mufti Ashjaa Khan, representative of State Bank Tahir Abbas and Imran Yusuf from Faisal Bank also spoke on this occasion.