Business Desk 
Dec 02, 2024
Business leaders of Khyber Pakhtunkhwa (KPK) called on the commercial banks to provide soft loans for the promotion of small and medium enterprises (SMEs) to boost economic growth.
During an awareness seminar on Islamic Banking, organised with the collaboration of the State Bank of Pakistan (SBP) and Sarhad Chamber of Commerce and Industry (SCCI), businessmen expressed their concerns about the low lending ratio of commercial banks in KP.
The KPK’s business community also urged that the government and financial institutions adopt business-friendly policies and lower interest rates to a single digit.
In his opening remarks, SBP chief manager Waqar Ali briefed the participants on the initiatives to raise awareness about Islamic Banking.
He highlighted that the SBP is working on four key frameworks to promote Islamic banking, including regulatory, Shariah Governance, Outreach of Market Development, and collaboration with academia, industries, and businesses.
However, SCCI president Fazal Moqeem outlined the issue of commercial banks, marking KP as a “red zone.”
He believed that such behaviour was discriminatory towards the business community and people of the KP region. He also emphasised the need for easy loan provisions to support the growth of businesses and industries in the province.
Additionally, the seminar also featured a comprehensive presentation by Resident Shariah Board Member (RSBM) at the Bank of Khyber Pakistan, Qazi Abdul Samad, who discussed the significance of Islamic banking.
