POS Machine, Launched By HBL First Shariah Complaint
First Shariah-based protest HBL launches POS in Pakistan by publishing a photograph of a green device in local publications.
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The head of corporate affairs for HBL Islamic banking, Farhan Ahmed, stated that the POS will only facilitate Shariah-compliant transactions and will reject any non-compliant transactions. He also stated that the machine will only be installed at Shariah-compliant businesses.
According to financial experts, the machine will be useful for enterprises unwilling to use interest-based funding methods.
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Ahmed Ali Siddiqui, director of center of excellence in Islamic Finance, stated, “Businesses will be inclined to open Islamic banking accounts, particularly organizations that are sensitive to non-compliant trading, and it will also encourage merchants to open Islamic Bank accounts.”
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