First Shariah-complaint POS of Pakistan is launched by HBL by posting a green device photo in local newspapers.
Head of Islamic Banking, Muhammad Afaq khan, HBL said, “For convenience for its customers, HBL Islamic always tries its best to have less problematic and innovative solutions. Has shown that it is the market leader in banking system of Pakistan by being the first one to introduce Islamic Merchant”.
HBL Islamic banking‘s head of corporate affairs, Farhan Ahmed said backed by Shariah-complaint merchant establishment agreement, the POS will only facilitate Shariah-complaint transactions” and that “POS will reject any non-compliant transactions and is supported by Islamic banking merchant accounts”, he further added, “ businesses which are Shariah-complaint, at those venues the machine will be installed’.
The machine will be helpful for businesses that are unwilling to use interest-based financing modes as financial experts maintain the launch.
The director of center of excellence in Islamic Finance, Ahmed Ali Siddiqui said, “ businesses will be inclined towards opening Islamic banking accounts, especially the organizations that are sensitive to non-compliant dealing and it will encourage merchants to open Islamic Bank accounts as well:”.
