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PESHAWAR: The first interest-free banking system—an emblem of the Islamic fiscal reserves n’ cache—was set off Saturday with the elocution of a new epoch at an NWFP limb of a private sector bank.

Opening the system in Pakistan, the Prime Minister Mir Zafarullah Khan Jamali said that Islamic banking would prove a milestone in the national banking system by giving impetus to the growth of the economy.

Jamali aired the remarks after inaugurating the foremost interest free banking in the NWFP by the Bank of Khyber in Peshawar with environs of Karkhano Market, renowned for large-scale business activity—all-over.

The Prime Minister in his brief remarks on the occasion, expressed optimism about the success of interest free banking in the country and prayed that the Islamic mode of banking may flourish by leaps and bound. He said, it would have a healthy impact on the provincial economy. He expressed the hope that the much-needed finances would be available for the industry and business enterprises of the province. The Prime Minister also went round various sections of branch and shook hands with the officials of the bank.

Prime Minister Jamali opened up his account with Rs 2000 on the occasion by filling the form. After cutting the tap Senator Abdul Malik offered collective Dua on the occasion and prayed for the success of the Islamic banking system in the country. The Chief Minister presented a copy of Holy Quran to the Prime Minister. Senator Abdul Malik and MNA Noorul Haq Qadri from Khyber Agency presented traditional turban to the Prime Minister.

The Prime Minister also noted down his impression on visitor's Book. He wrote that Banking is an important component of Islamic economy and expressed his happiness over the inauguration of interest free banking.

Optimistic about understanding on LFO

The Prime Minister Mir Zafarullah Khan Jamali expressed the hope that a genuine understanding would be achieved on the issue of LFO with the opposition.

Talking briefly before his departure for Islamabad at the Frontier House this evening, the Prime Minister said, "We will take the opposition along to strengthen democracy" adding, "there has to be flexibility on the matter on both sides". He said, the people would shortly listen the good news of breakthrough in the matter.

Arrears

About the arrears of the Frontier government towards WAPDA, the Prime Minister said, the new chairman of the organization has taken over and the issue would be resolved amicably.

Rs 5m for Press Club

Earlier, addressing local journalists at the Governor House where he handed over a cheque for Rs. five million to the President of Peshawar Press Club for the welfare of the journalists, the Prime Minister said, "You can criticise the government policies but it would not be wise to write against the country as we all are because of Pakistan".

About the demands presented by the President Peshawar Press Club Jan Afzal, the Prime Minister directed the WAPDA authorities to convert the electricity tariff of the Peshawar Press Club from commercial to domestic.

Journalists' Quota for MCs

In response to the demand of allocation of special quota for the wards of journalists in Medical colleges, the Prime Minister said, the matter would be decided after discussing it with the concerned quarters.

He also announced that a mechanism would be evolved for the allotment of flats to the journalists in the Prime Minister Scheme initiated in the previous government and which has been abandoned.