KARACHI/ DUBAI: The flow of remittances from the Pakistani community in Dubai could increase manifolds through banking channels with the support of financial institutions, the dedicated government scheme, and community developers. Innovative service, incentives, and community building could encourage Pakistani workers in the UAE and Gulf region to utilize banking channels to support their country’s economy in challenging times.
These were the views of speakers at the daylong conference “Remitlink23: Resilient Remittances” organized by Dellsons Associate in collaboration with the Embassy of Pakistan in UAE and Foreign Exchange and Remittance Group (FERG). The event was sponsored by Dubai Islamic Bank, JazzCash, and Instant Cash.
Speaking as the chief guest, Faisal Niaz Tirmzi, Ambassador to Pakistan for UAE, said the UAE is the second largest host country in the world with over 1.6 million Pakistani nationals, and the number of Pakistani professionals coming to different states of this country is on the rise in recent months.
Pakistani professionals and workers in different states of the United Arab Emirates are resourceful, hardworking, and patriotic, having a deep sense of responsibility to serve their homeland through their valuable contribution, including sending remittances through banking channels, he said and added. The government recently took various initiatives to enhance flow of remittances which are expected to increase the use of banking channels among overseas Pakistanis.
Salman Hasan Khan, Head of Priority Banking & PRI Dubai Islamic Bank Pakistan, said the financial institutions played a crucial role in connecting overseas Pakistanis with their relatives in their homeland, but these institutions are working continuously to facilitate the Pakistani diaspora in different states of the UAE.
He pointed out that Pakistanis in different countries prefer Islamic banking mode over the interest-based system, hence, there is a need to promote Sharia-based financial options with innovative technological solutions.
Ibrahim Amin, Chairman Dellsons Associates, said this conference aims to bridge the gap between stakeholders, including Government functionaries, regulators, and service providers such as banks, exchange companies, and fintechs.
He said the remittances from the GCC region have a vital role in shoring up the macroeconomic indicators of the country, including the current account and the stability of the Rupee against foreign currency, hence, overseas Pakistanis and their contributions should be appreciated through facilitation and incentives.
The conference also hosted a panel discussion that explained to the audience the importance of utilizing banking channels for sending remittances to their country and its positive outcomes on their relatives regarding stability in local currency and containing inflation.
Experts from the banking and financial sectors of Pakistan and the UAE also spoke at the conference including Tufail Ahmed Khan, CEO Dellsons Associates, UAE, Osama Al Rahma, Advisor to the board, FERG UAE, Usman bin Raees COO, Instant Cash; Suleman Hasan, Chief Compliance and Risk Officer, 1LINK, Zameer Punjabi, Vice Presidents- Payments and Remittances Mashreq Bank, Omer Farooq, Head of Operations, Cash Express, Shabnam Faqeer, Independent Director, DIB Pakistan and Nominee Director, IFC, World Bank Group and others.