TOBA T EK SINGH: There is a need to help farmers, for which Islamic banking should devise real methods to combat their economic troubles, allowing them to adopt new technologies that would aid in achieving food security and contributing to a sustainable economy.

Prof Dr Iqrar Ahmad Khan, ViceChancellor of the University of Agriculture Faisalabad (UAF), stated this on Wednesday at a one-day seminar on `Islamic Economy and Banking` organised by the Instituteof Agriculture and Resource Economics, Office of Research, Innovation, and Commercialisation, UAF, the State Bank of Pakistan, and the Faisal Bank.

According to him, 95% of farmers in the country own less than five acres. He stated that our farmers are hesitant to adopt modern technology due to economic concerns. He said that it is necessary to increase the loans of banks in the field of agriculture. He said the UAF played a vital role in the agricultural policy.

State Bank Chief Manager Waqas Kashif Bajwa said that compared to conventional banking, Islamic bank-ing was growing rapidly.

Dean of 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.

Dr Khalid Mushtaq said that the ratio of lending in agriculture was not as high as its share of the economy. He said that we need to increase the banking loans in the agriculture sector. Dr Khalid Bashir called for spending lives as per the injection of Islam, which will also combat the economic challenges.

He said all efforts are being made to raise awareness among individuals regarding Islamic banking.