Senator Siraj ul Haq, Ameer of Jamaat-e-Islami, outlined an ambitious plan aimed at addressing economic disparities and reshaping financial policies in Pakistan.
The party envisions providing free electricity to the impoverished, funded by zakat collected from the nation’s 750 million citizens.
Notably, Senator Haq emphasized the importance of parliamentary consultation on defense spending. During a visit to the FPCCI head office on Saturday, Senator Siraj-ul-Haq articulated the party’s commitment to a Riba-free financial system, with Zakat &Ushr serving as its cornerstone.
He outlined a hierarchical approach to government spending, prioritizing welfare, developmental expenditure, and administrative costs.
Addressing the issue of rising electricity prices, Senator Haq questioned why Pakistan, with coal reserves worth $25 trillion lasting 300 years, isn’t leveraging its indigenous resources.
He proposed renegotiating contracts with the 70 percent Pakistani owners of IPPs to align with national interests.
Expressing concern over critical national indicators, including out-of-school children, drug addiction, and suboptimal agricultural yield, Senator Haq highlighted Jamaat-e-Islami’s team of 1,200 experts, including PhDs in economics and finance.
Acting FPCCI President Saquib Fayyaz Magoon urged political parties to present practical economic manifestos, echoing the sentiment that the business community seeks solutions over rhetoric. While acknowledging the need to address circular debt in the energy sector, Magoon stressed a consultative process to revise contracts with independent power producers (IPPs) to avoid potential legal complications.
Magoon proposed prioritizing structural and macroeconomic issues, including reducing the SBP’s key policy rate, rationalizing electricity and gas prices to enhance competitiveness, and ensuring alignment in various policy domains for comprehensive economic transformation.
