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Bank of Punjab seeking Licence to Launch Islamic Banking Services

LAHORE (February 27 2008): The Bank of Punjab (BoP) has applied to the State Bank of Pakistan (SBP) for the issuance of a licence to launch Islamic banking from the platform of BoP. After the issuance of license, BoP will open specific Islamic banking branches throughout the country, BoP President Hamesh Khan, said.

While addressing the concluding ceremony of the two-day workshop on the topic of “Islamic banking and Islamic Insurance organised by Alhudah Centre of Islamic Banking (ACIB) here on Tuesday, Hamesh said during the current fiscal year, BoP will disburse 8 billion of rupees loans to the farmers. “The bank will channelise all its professional skills to improve the agriculture sector and Rs 8 billion has been allocated for disbursement of loans to farmers,” he added.

He said work on the refurbishment of the BoP branches across the country was going on priority basis. Around 40 bank branches in the rural areas were being refurbished per month. He said that all the branches from Mingora to Karachi had been computerised and online facility was being provided to the customers, he added.

Speaking on the occasion, Mazhar Bukhari, head of International Operation Gulf African Bank of Kenya said that the Islamic banking was not only rapidly spreading in the Middle East but also its results were reaching in the Europe and America.

Zubir Mughal Chief Executive Officer of the Alhudah Center of Islamic banking said that 289 barnacles of the Islamic banking were working in the country which was the proof of the rapidly increasing Islamic banking system in the country. He further said that the Centre of Islamic banking (CIB) would continue its efforts to promote Islamic banking in the country.

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