The Delegation of the General Secretariat of the Organisation of Islamic Cooperation (OIC) led by His Excellency Dr. Ahmad Kawesa Sengendo, Assistant Secretary-General for Economic Affairs, is participating in the 2nd AlBaraka Regional Conference, titled ”Empowering OIC Nations: Unveiling the Crucial Role of Home Remittances in Pakistan”, which started Monday at the Marriot Hotel in Karachi, Islamic Republic of Pakistan.
The Conference, which is being organized jointly by the AlBaraka Forum for Islamic Economy and the Islamic Chamber of Commerce and Development (formerly Islamic Chamber of Commerce, Industry and Agriculture), based on the experience of Pakistan, aims to discuss the role of remittance inflow and its implications for economic growth and promotion of sustainable development. The Conference also focuses on the development and promotion of Islamic economy and finance and their positive impact on the economies of OIC countries.
In his address at the Opening Session of the Conference, Dr. Sengendo pointed out that remittances represent an important flow of foreign currency with a tremendous impact on local communities and national economies in many OIC Member States.
He also emphasized that remittances were increasingly becoming the most important sources of external finance for low-income countries, and in some cases, a main driver of economic growth, where they amounted to nearly 20% of their Gross Domestic Products.
He also emphasized the need for effective and planned strategies for human resources export to avoid the loss of human resources needed to develop the respective OIC countries through brain drain.
Dr. Sengendo underscored the need for collective efforts to reduce the transaction costs of sending and receiving remittances as well as to introduce alternative transaction methods, including Islamic Fintechs, to better serve migrant workers.
