PR No. 271 Islamabad: November 29, 2016

Minister for Finance Senator Mohammad Ishaq Dar has called for expediting the process of promotion of Islamic Banking in the country. He urged that the existing Islamic Banking products should be promoted and work on the introduction of new products in the market should be prioritized.  The Finance Minister made these remarks in a meeting with the State Bank Governor Mr. Ashraf Mahoood Wathra and Mr. Saeed Ahmad, Deputy Governor State Bank.

            The Minister was briefed on the measures being taken for expansion of the Islamic Banking. Islamic banking in Pakistan has recorded a noticeable growth. The proliferation of Islamic Banking products will provide the citizens of the country with more banking choices. The present government has always sported Islamic Banking and issuance of Sukuks during the last three years is a result of the government’s decision to support and promote Islamic Banking. 

The Finance Minister acknowledged the progress and appreciated the efforts being made in this regard. He emphasized the need for coordination between all stakeholders for implementation of Islamic Banking reforms.  In this regard, a meeting of the Committee for Implementation of Recommendations on the Steering Committee for Promotion of Islamic Banking has also been called by the Finance Minister on December 3, 2016 at the Ministry of Finance.