In the seminar, Center for Excellence in Islamic Finance (CEIF)-IBA Ahmed Siddiqui emphasized the key role of HPG in stabilizing the country’s current account and the possibility of using Islamic financing programs from international lenders.
He said, Islamic institutions are leading the way in banking and finance and have a strong potential to transform the economy from interest-based elements to Sharia-compliant mechanisms in five years.
He further said that the public’s preference for Sharia-compliant financial products and services represents the future of Islamic finance in Pakistan.
Economist Muhammad Farrukh Ahmed discussed the various problems and challenges faced by the economy and their solutions mainly through restructuring and reform of macroeconomic indicators.
He said agriculture and IT are sectors with potential for economic growth, foreign direct investment and employment across the country. On the other hand, the government should focus on promoting the localization of the economy and take strict austerity measures to reduce expensive items from import duties.
He said tax reform was a necessary step to raise funds for public sector projects and prevent smuggling across the country. Digitization of the financial sector and public administration will contribute significantly to ending corruption.
The seminar was also attended by eminent speakers such as Mehmood Arshad, Chairman, of the Pakistan Employees Federation, and ADVANCED faculty Dr Hina Fatima and Dr Umar Rafiq.
