Govt patronising Islamic banking: President

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‘Despite challenges country well on way to economic progress, prosperity’

Staff Reporter

Islamabad/Lahore—President Mamnoon Hussain, Wednesday, called upon the banking experts and Ulema (religious leaders) to jointly focus their research on finding a workable strategy for promoting Islamic banking in the country. Addressing a national seminar on ‘Islamic banking and finance: Prospects and challenges’ here at the Islamic International University, the President said the benefits of Islamic financial system should reach the common man to end poverty. He said the Islamic banking system was being given patronage at the government-level.
The President said Islamic banking had immense potential of growth in Pakistan, adding that the subject needed profound research by the relevant experts. He said for being Muslim citizens of this country, it was obligatory to work for implementing Islamic financial system. He said there was a need to flourish the culture of research in the country to explore the horizons of knowledge, which he said was a key to success for a nation. The President said economics had outclassed the importance of politics in global scenario, and said with research-based knowledge, a country could achieve economic stability and prosperity. He said the government during the two and a half years had made remarkable progress in stabilizing the economy which was also acknowledged by the international monetary rating organizations.
The President mentioned that corruption had negatively impacted the very fabric of society and emphasized on waging a Jihad against this menace. He pointed out that during tenures of the past governments, no significant development projects were carried out. President Mamnoon said the Kalabagh dam project was made controversial while the Rental Power Projects were launched wherein, massive financial corruption was made. He mentioned that during his meeting with Saudi King Salman bin Abdul Aziz Al Saud, he proposed for opening of a campus of Islamic International University in Saudi Arabia. He said the step would help Pakistani expatriates continue their goals of higher education. Speaking on the occasion, Deputy Governor State Bank of Pakistan Saeed Ahmed said implementation of Islamic financial system was important to ensure social justice for the people through micro-finance to end poverty.
Meanwhile, speaking at the Annual Goodwill Dinner of the Lahore Chamber of Commerce & Industry (LCCI) in honor of Foreign Ambassadors in Pakistan, President Mamnoon Hussain has said that despite various internal and external challenges country is well on the way of economic progress and prosperity. The function was arranged and supervised by the LCCI President Sheikh Muhammad Arshad, Senior Vice President Almas Hyder, Vice President Nasir Saeed also addressed the most high-level gathering while the LCCI former presidents and Executive Committee Members were present on the occasion. Government is working really hard to solve the issues being faced by the business community as no country could achieve the economic targets without their due role, he added. Mamnoon Hussain said that government was making out all efforts to make strengthen the economy and to promote trade & industry of the country. He said that policies of the government were in the right direction and economic indicators were portraying an encouraging picture. The President said that law and order situation and energy shortages were the major hurdles in the way of promotion of economic activities and the government was fully concentrating on addressing these issues.
Speaking on the occasion, the LCCI office-bearers appreciated the efforts of government in war on terror and in maintaining the law and order in the country. They said that Pakistan should be granted maximum market access on favorable terms so our businesses can create jobs and opportunities for people to be hopeful. While seeking the help of diplomats, the LCCI President said that Pakistan wants trade, not aid. LCCI office-bearers said that mutual trade could be enhanced by exchanging trade delegations and organizing fairs and exhibitions. For that matter, visa regime needs to be liberalized for the bona fide businessmen in order for them travel frequently. They said that Potentially, we have rich resource base, young population and locational advantages. We are situated in a high growth region. They said that Pakistan is still going through the phase of energy crisis. Although the present government is working on war footing to address this issue but still a lot remains to be done. They said that ambassadors of all the countries should encourage their respective governments and private sectors to make investments especially in the energy sector of Pakistan.

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