Siraj-ul-Haq asks to promote interest-free banking

Senior Minister Sirajul Haq asked the Bank of Khyber (BoK) officials to work for the promotion of interest-free Islamic banking system.Speaking to separate delegations of the BoK, who called on him in Peshawar and apprised him of their problems, Sirajul Haq assured the officials of necessary steps to strengthen the bank, which would play a pivotal role in prosperity of the province.He also expressed his pleasure over the record business made by the ‘Islamic branches’ of the BoK. The provincial senior minister attributed the prevailing poverty and rising unemployment to the interest-based banking system of the country.He said that freedom from interest-based economy could only guarantee the development of Pakistan. He added that interest-free banking had not only been practiced in Pakistan, but also in 70 other countries including the United States and some European countries.