Ishaq Dar, Federal Minister for Finance & Revenue delivered keynote address at ICM Conference

Ishaq Dar, Federal Minister for Finance & Revenue delivered keynote address at ICM Conference

Pakistan has a strategic plan in place to grow Islamic finance, said Mr. Ishaq Dar, Federal Minister for Finance & Revenue, who delivered keynote address at ICM Conference. We have a financial inclusion strategy that covers all the components needed to create Islamic financing. Dar said that Pakistan is one of the few countries with a well-developed regulatory framework for microfinance institutions. I must compliment State Bank and SECP for doing a wonderful job in this regard.
He said that major financial markets exhibit solid evidence that Islamic finance has already been mainstreamed, parallel to the global financial system, and that it has the potential to address the challenges of ending extreme poverty and boosting shared prosperity. Dar said, “According to the Islamic Finance Development Report 2022, there are 1,679 Islamic financial institutions, including 560 Islamic banks operating in 76 countries, with 17 percent YoY growth”. In Pakistan, Islamic financing recorded a growth rate of 29% in 2022, he added.

Editor: Raja Kamran