To help developing countries tackle global economic challenges, the Prime Minister of Finance and Taxation, Dr. Abdul Hafeez Shaikh, who emphasizes the potential of Islamic finance.
At an international conference on Islamic economy and finance on Sunday in Istanbul via a video link, Hafeez said Islamic banking in Pakistan is growing fast.
He said the global Islamic financial sector is worth $ 2.4 trillion and there are 1,400 Islamic financial institutions in 60 countries.
In Pakistan, the growth of Islamic finance coincides with the global growth of the sector.
Dr. Abdul Hafeez Shaikh said the coronavirus has consumed the world and global GDP will fall by 3 to 4 percent. In Pakistan, GDP is approximately. 3 percent. He said the country’s exports and shipments were negatively impacted and that industry and other sectors were also affected.
The consultant said the government had set up an emergency coronary fund and transferred money to 16 million vulnerable families to help them through this difficult time.
Dr. Hafeez Shaikh said that Pakistan and Turkey have a warm relationship and added:
These relationships include politics, commerce, trade and the bond between our people. We try to promote business relations and strengthen our economies to further strengthen bilateral relations.
The financial advisor was convinced that the expertise shared in this forum would unlock the enormous potential of Islamic Finance to stimulate economic growth.
