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Road Map for the Promotion of Islamic Banking

The government of Pakistan has shown interest in the promotion of Islamic banking and for that, Finance Ministry of the country has recently announced a roadmap. Institute of Business Administration- Centre for Excellence in Islamic Finance (IBA-CEIF) has organized World Islamic Finance Forum (WIFF), where Finance Minister showed the will to promote the Islamic finance and economic system on present government’s behalf.

He affirmed that the present government is ready, which is why they have formed a steering committee at the State Bank of Pakistan (SBP) for the  development of comprehensive reports and strategies very soon. State Bank has shared all their research and findings with the government so far, due to which, the government finally took the decision of forming and implementing this committee.

This implementation committee will have SBP Governor, Deputy Governor, Securities and Exchange Commission of Pakistan (SECP) Chairman, Secretary of the Law Ministry and Chairman of the Institute of Chartered Accountants of Pakistan (ICAP) and Institute of Cost and Management Accountants (ICMA). This two-day conference was held to design a viable path for the promotion of Islamic financing and identifying the solutions of Islamic finance problems.

This first global Islamic conference was attended by the scholars, bankers and Sharia experts from several Islamic countries. The designed road map suggests that the goal can be achieved but with time. Likewise, nobody can get rid of the interest-free banking system overnight with Rs. 19 trillion national debts to be paid with time.

Afreen is a young writer and visionary towards life predominantly. I believe that writing is similar to life; it inspires surprises and creates. Being a Literature Masters, I am passionate about viewing the world with literary spectacle. Solely in love with this beautiful part of Universe called Pakistan, I am creating words and ideas for CharchaGuru.

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Road Map for the Promotion of Islamic Banking

The government of Pakistan has shown interest in the promotion of Islamic banking and for that, Finance Ministry of the country has recently announced a roadmap. Institute of Business Administration- ...