Fraud revealed to the public in the name of Islamic banking across the country – Pakistan

Senate Standing Committee on Finance Chairman Salim Mandviwala says that 25 to 30 percent interest rate is charged in Islamic banking, conventional banking charges 20 percent interest rate, fraud with the public in the name of Islamic banking. is happening

On Wednesday, the Senate Standing Committee on Finance met under the chairmanship of Senator Saleem Mandviwala, in which a briefing was given on the Deposit Protection Corporation Amendment Bill, 2024.

During the meeting, State Bank Deputy Governor Dr. Inayat Hussain said that the protection of consumers has been ensured in the bill, even after the approval of the bill, microfinance banks will not be included, the board will have the authority to include a bank.

Dr. Inayat Hussain said that he wanted to do this work during the time of Dr. Ishrat Hussain, at that time the international organizations opposed it.

Senator Mohsin Aziz said that board members of State Bank charge 75 thousand rupees for a meeting, other banks have a fee of more than 50 thousand rupees, that is why people prefer jobs in the banking sector, those people join the boards. Do those who need money, good and sensible people do not become members of a board.