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STORAGE OF AGRICULTURE PRODUCE: REAP SEEKS ISLAMIC BANKING FINANCE FACILITY SCHEME
5/25/2018

DAILY BUSINESS RECORDER (25/05/2018)

STORAGE OF AGRICULTURE PRODUCE: REAP SEEKS ISLAMIC BANKING FINANCE FACILITY SCHEME

Rice Exporters Association of Pakistan (REAP) has urged State Bank of Pakistan (SBP) for Islamic banking finance facility scheme for storage of agriculture produce.

In a letter sent to Deputy Governor Islamic Banking, Development Finance and IT Cluster SBP Shamsul Hassan, Rafique Suleman Senior Vice Chairman REAP has requested the State Bank to allow the banks for a Islamic Banking Financing Facility for storage of agriculture produce as majority of REAP members are already working with Islamic banks and keenly interested to avail an Islamic financing facility, if SBP allowed.

He informed that 90 percent of REAP members belong to corporate class and are working on a large scale. Further, we all know that land is very expensive, so majority of exporters are focusing on storing rice in Silos/Warehouses. During next 5 to 10 years, rice production in Pakistan is going to increase with substantial ratio due to the use of hybrid rice seeds, he added

Therefore, the REAP has made an appeal for Islamic banking finance facility scheme for storage of agriculture produce at the earliest.

He also referred to the meeting of REAP delegation with governor SBP Tariq Bajwa during last month, wherein the same matter was also discussed and the governor State Bank had given an assurance to allow Islamic banks to extend this facility in near future.

Keeping in view the facts and figures of rice exports and prevailing scenario, Suleman was hopeful that during the current fiscal year 2017-18, Pakistan will easily achieve the target of $ 2 billion.

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