Seminar: ‘GDP growth to touch 6% this year’

Finance adviser assures of tangible support to Islamic finance industry

KARACHI: Adviser to Prime Minister on Finance Miftah Ismail has said that the country will achieve 6% economic growth rate within the current fiscal year, hoping that the pace will translate into increased job opportunities.

While speaking at the two-day World Islamic Finance Forum 2018 that began in Karachi on Monday, he said the government will soon create a post at the Ministry of Finance that would solely deal with the Islamic finance industry, a press release quoted Ismail as saying.



The event’s theme is ‘Expanding the Footprint of Islamic Finance: Innovation, Fintech & Regulations’. He also assured the Islamic finance industry of soon convening a meeting of the Committee for Implementation of the recommendations of the Steering Committee for Promotion of Islamic Banking in Pakistan.

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Board Chairperson Shaikh Muhammad Taqi Usmani said that despite the country’s humble beginnings in Islamic finance, Pakistanis now hold key positions in Islamic banking in different countries.

While demanding concrete steps to rid the country of ‘Riba’, or usury, he urged the government to immediately establish a section or division at the Ministry of Finance to be headed by an Additional or Joint Secretary level official to resolve problems of the Islamic finance sector.



“Islamic financial institutions have excess liquidity and the government should work on creating avenues for the deployment of these excess funds,” Usmani stated.



AAOIFI Board of Trustees Chairperson Shaikh Ebrahim Bin Khalifa Al Khalifa said that it is heartening to note that Pakistan is striving hard to become another hub of Islamic finance.

“Pakistan has all the basic ingredients [for becoming a hub of Islamic finance] including a massive population of 200 million people,  robust banking and finance sector and vibrant agriculture, industrial and services sectors,” Al Kahlifa said.

Meezan Bank President Irfan Siddiqui requested the government to set a target of acquiring at least 25% of the local funding through Islamic banking as Islamic financial institutions have excess liquidity and limited avenues for investment.



Published in The Express Tribune, March 20^th, 2018.

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