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Islamic Finance Will Aid in Reducing Poverty, Ishaq Dar

BY Shahzad Saeed May 29, 2023. 07:56 pm UPDATED: May 29, 2023. 07:56 pm

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The finance minister claims that the growth of the financial sector and the reduction of poverty will be aided by Islamic finance. He gave the National Savings Bank the order to issue Shariah-compliant goods. Safe investment options will be made available in response to public demand.

Federal Finance Minister Ishaq Dar said that Islamic finance can play a significant role in economic development while addressing the Islamic Capital Markets Conference. Global Islamic finance assets are expected to grow at a 17 percent annual rate, from $4 trillion in assets in 2016 to $5.9 trillion in assets by 2026.

He asserts that Pakistan has two of the ten biggest Islamic banks in South Asia, 42 billion dollars worth of Islamic finance, 7200 billion rupees worth of Islamic banking assets, and six fully operational Islamic banks. There are 5200 billion rupees in Islamic deposits, and 16 conventional banks also have Islamic branches.

Ishaq Dar claimed that the State Bank Governor had worked hard to advance Islamic finance, that the National Savings Institute had been ordered to produce products that adhered to Shariah, and that safe investment opportunities would be made available to the public for one to five years upon request. Savings and term accounts can be opened for investments.

The Federal Minister of Finance claims that Islamic finance will contribute to the eradication of poverty and the expansion of the financial industry. will contribute to an improvement, and Islamic financing can help reduce poverty.

He asserted that Pakistan’s banking system is transitioning to Islamic financing, that Pakistan has a comprehensive system for collecting and disbursing Zakat, and that economic challenges can be overcome with the cooperation of all Islamic countries.

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