REAP demands finance facility for storage of agri products.
Karachi -- Senior Vice of Rice Exporter Association of Pakistan (REAP) Chairman Rafique Suleman has urged the State Bank of Pakistan (SBP) to allow the Financing Facility for Storage of Agriculture Produce under Islamic Banking, as majority of REAP Members are already working with Islamic Banks and keenly interested to avail this facility if allowed by SBP to the Islamic Banks.
He referred to the meeting of REAP delegation led by Chairman REAP during last month, wherein the same matter was also discussed and Governor State Bank of Pakistan has given assurance to allow Islamic banks to extend this facility in near future. Rafique informed that 90 percent of REAP Members belong to Corporate Class and are working on large scale. Further, we all know that Land becomes very expensive, so the majority of exporters are focusing on to store rice in silos, warehouses.