Thursday, February 27, 2020

Dr Alvi underlines need for growth of Islamic Finance in Pakistan

Featured

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to...

China: Corona virus death toll rises to 2239, and 75,567 infections

China’s National Health Committee announced on Friday that it has received reports of 889 new confirmed cases of the...

A major reshuffle in the British Government

Several British government ministers have been fired in a drastic reshuffle by Prime Minister Boris Johnson. The list includes...
Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]
President of Pakistan Dr Arif Alvi expressed his support for the development of Islamic banking industry in the country, Pakistan now heading towards growth orientation, he said in a meeting held with President and CEO Meezan Bank Irfan Siddiqui and Deputy governor State Bank of Pakistan (SBP) Jameel Ahmad.

The group discussed the opportunities and challenges of Islamic banking in Pakistan and urged for elimination of Riba from the society.

Irfan Siddiqui updated the President on the growth of the Islamic Finance industry that presently comprises 15 percent of Pakistan’s banking industry and appreciated the Prime Minister’s vision to take this number to 25 percent by 2023.

Irfan Siddiqui also commended the resolution passed by the Senate of Pakistan on conversion of Government debt to Shariah-compliant modes and said that promotion of Islamic Finance will promote financial inclusion as well as give a boost to the country’s economy.

The Constitution of Islamic Republic of Pakistan also requires elimination of Riba as early as possible and the government’s efforts will go a long way in achieving this objective.

The President showed keen interest in promotion of Islamic Banking.

Zain Zubair
Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Latest News

Breaking: Malaysian PM Dr Mahathir submits resignation to the King

Dr Mahathir Mohamad has sent his resignation letter as Prime Minister of Malaysia today. According to the Prime Minister's Office,...

Trump adviser Roger Stone sentenced to 3 years in prison for lying

A federal judge issued a ruling on Thursday against Roger Stone, a longtime adviser to US President Donald Trump, to three years and four...

US official: Corona’s outbreak will not change China’s commitment to buy US goods

A senior US Treasury official said on Thursday that the US government expects China to fulfill its commitment to purchase more US goods under...

Voting begins in Iran’s parliamentary elections

The Iranians began voting on Friday in a parliamentary election that is unlikely to change Tehran's troubled relations with the United States, after excluding...

Austrian Parliament: There is no place for ISIS operatives in the country

Herbert Kickel, head of the Parliamentary Bloc of the Freedom Party (the third largest Austrian party), confirmed that anyone who joined the terrorist group...

Related News