Pakistan wins global award for promotion of Islamic financing

ISLAMABAD: Pakistan has been awarded the Global Islamic Leadership Award in recognition of its efforts for the promotion of Islamic financing.

The award was received by President Arif Alvi at the 10th Global Islamic Finance Awards Ceremony. Speaking on the occasion, the president noted that Islamic Financing is increasing around the world but its full potential yet needs to be exploited.

The president appreciated the fact that seventeen percent of Pakistan’s banking sector has turned to the Shariah-compliant instruments. He pointed out that Sukuk bond was recently floated in the energy sector.

President Arif Alvi commended the role played by State Bank of Pakistan and Securities & Exchange Commission of Pakistan in the promotion of Islamic banking.

He emphasised on implementation of the basic principles of Islamic financing to help establish a society based on equality and compassion. He said the basic principles of Islamic financing are fairness, equality, justice, transparency and pursuit of social harmony. He said the basic purpose of Islamic financing instruments should be uplifting the poor people out of poverty.

He said Islam has nothing to do with exploitation and elitist culture, therefore such approaches should be discouraged in Islamic financing. He also stressed the need for economic empowerment of women stating it is vital for development of the country. He said the women should be given their due share in inheritance.

Governor State Bank of Pakistan Reza Baqir expressed the commitment to promote Islamic financing and take it to the levels never seen before. He said there is a Shariah Advisory Committee comprising three schools of thought, Shariah boards and other mechanisms to ensure compliance with Shariah principles in Islamic financing.

The Governor State Bank said that the Central Bank is also playing its role for creating awareness amongst the people about Islamic financing.

State Bank of Pakistan was also given ‘Best Central Bank of the Year’ award for promoting Islamic banking. Others who received the awards on the occasion for their contribution to Islamic financing included renowned scholar Muhammad Taqi Usmani.