State Bank Governor Jameel Ahmed has said that the country’s economy has to be made free of interest by 2027.
Addressing the International Islamic Banking Conference in Islamabad, Jameel Ahmed said that the Islamic banking market has been growing at a rate of 24% for the last 10 years.
He said that the share of Islamic banking in the banking sector has reached 20 percent, State Bank and SECP are making reforms to promote the Islamic finance sector.
Jameel Ahmad says that the size of Pakistan’s corporate banking sector is very small, the Islamic market can be further promoted by promoting Sukuk.
Governor State Bank said that the government’s financial needs can also be met through Sukuk, the government’s funding needs can be met through the issuance of Shariah compliant funding through the capital market.
He says that bringing public, private and other experts together is a good initiative, the volume of Sukuk is up to 2.8 trillion rupees, the volume of Islamic capital market has reached 3 trillion dollars.
The State Bank Governor also said that Pakistan has issued 2.8 trillion rupees of Islamic Sukuk bonds, has set up a committee in State Bank to convert government debt into Islamic Sukuk, funding from the capital market through Sharia compliance. Discussions are ongoing.
setTimeout(function(){
!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window,document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);
fbq(‘init’, ‘836181349842357’);
fbq(‘track’, ‘PageView’);
}, 6000);
/*setTimeout(function(){
(function (d, s, id) {
var js, fjs = d.getElementsByTagName(s)[0];
if (d.getElementById(id)) return;
js = d.createElement(s);
js.id = id;
js.src = “//connect.facebook.net/en_US/sdk.js#xfbml=1&version=v2.11&appId=580305968816694”;
fjs.parentNode.insertBefore(js, fjs);
}(document, ‘script’, ‘facebook-jssdk’));
}, 4000);*/