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Business Recorder
21-05-2025
- Business
- Business Recorder
Pakistan economy moving in the right direction: SBP governor
KARACHI: Governor of the State Bank of Pakistan, Jameel Ahmad Tuesday said after facing significant economic challenges in recent years, Pakistan's economy is now moving in the right direction with support of the corrective actions that have led to substantial improvements. Speaking at the 3rd National Islamic Economic Conference 2025 organized by Saylani Welfare International Trust in collaboration with the National Islamic Economic Forum (NIEF) and Darul Uloom Memon titled 'Towards the Islamic Digital Economy,' Governor SBP, delivered a comprehensive overview of the country's economic progress, the expansion of Islamic banking, and the role of digitalization and the IT sector in national development. Speaking the conference, he also underlined the importance of launching Sukuk to support Islamic finance and highlighted the steps taken to equip the banking workforce with Shariah-compliant training and frameworks. Macroeconomic outlook: SBP governor apprises foreign investors He advocated for simplifying the issuance of Sukuk bonds to further Islamic financial growth and outlined government-SBP efforts to deepen Pakistan's Sukuk market and urged stakeholders to tackle issuance bottlenecks. The SBP is actively working to simplify the Sukuk structure and streamline the process for issuing new Sukuks, Governor said and added that the SBP and the government are jointly pursuing the transition of public debt towards Sukuk- a Shariah-compliant financial instrument. 'We need to collectively address the underlying challenges to enable the issuance of more Sukuks and offer investors financial products that align with Shariah principles,' he emphasized. The Governor SBP highlighted that decisive policy actions taken by the government and the central bank have led to marked improvements including a sharp decline in inflation, a strengthened current account balance, and growing foreign exchange reserve He noted that three years ago, Pakistan grappled with surging inflation and external account imbalances. Through coordinated efforts by the government and the central bank, these issues were addressed effectively. He highlighted that inflation dropped to just 0.3 percent in April 2025, the lowest in over half a century, while the interest rate has decreased from 22 percent to 11 percent. He added that the inflation rate is expected to remain between 5-7 percent by the end of FY25. In addition, the trade deficit was reached highest ever level and now has been controlled. Since 2022, Pakistan has repaid $100 billion in foreign debt. Foreign exchange reserves have increased from $3 billion to $11 billion, and inflows of home remittances from $30 billion to $38 billion annually, thanks largely to freelancers and overseas workers. He praised the State Bank's initiatives in Islamic banking, revealing that Pakistan was recognized as the best central bank for Islamic banking efforts by a Malaysian institution. He added that one-fourth of banking deposits in Pakistan are now invested in compliance with Islamic principles. The governor also discussed the government's 2022 steering committee for Islamic banking transformation, which has held 450 meetings over the past 2.5 years. The State Bank has provided banks with guidance to address challenges, such as ensuring parity in profits between Islamic and conventional banking systems. 'Islamic banking awareness is vital as some remain skeptical and Sylani Welfare's role in economic service and forex earning is commendable', he said. He stressed the importance of transitioning from conventional to Islamic banking and acknowledged improvements in various industries including textiles and cement. The trade balance has turned into a surplus, and forex stability is yielding positive impacts. Jameel said the number of Islamic banking branches has surpassed 8,000. Banks need to develop new products, and a legal framework for Islamic banking has been established. Banks have been instructed to match the profit returns of Islamic banking customers to those of conventional banks. The governor lauded Saylani Welfare Trust for empowering youth through the IT sector, stating that IT and freelancing have become major sources of foreign exchange. He shared that due to the contributions of freelancers and overseas workers, remittances are expected to reach $38 billion by end of this fiscal year. The Governor SBP emphasized the remarkable progress in Islamic banking and informed that as of March 2025, Islamic banking assets had grown to Rs. 11,300 billion, with deposits totaling Rs. 8,400 billion. Over 8,000 Islamic banking branches are now operational across the country. The State Bank has implemented a Shariah Governance Framework and adopted international standards, especially those by AAOIFI, to guide the sector's development, he said. He revealed that 25 percent of the total banking assets are now Shariah-compliant, and Pakistan has received international recognition for its efforts in Islamic finance. However, he stressed the need to address public misconceptions and to overcome barriers like the absence of sukuk issuance. The governor also spoke about the success of the Raast system, which enables real-time fund transfers in just 6 seconds. In 2015, only 16 percent of Pakistan's adult population had access to banking services. This figure has now risen to 64 percent, and the central bank aims to increase it to 75 percent by 2028 under the National Financial Inclusion Strategy. He encouraged banks to provide more credit to SMEs, agriculture, and housing sectors, while also expanding Shariah-compliant products and services. Copyright Business Recorder, 2025
Business Recorder
21-05-2025
- Business
- Business Recorder
Economy moving in the right direction: SBP governor
KARACHI: Governor of the State Bank of Pakistan, Jameel Ahmad Tuesday said after facing significant economic challenges in recent years, Pakistan's economy is now moving in the right direction with support of the corrective actions that have led to substantial improvements. Speaking at the 3rd National Islamic Economic Conference 2025 organized by Saylani Welfare International Trust in collaboration with the National Islamic Economic Forum (NIEF) and Darul Uloom Memon titled 'Towards the Islamic Digital Economy,' Governor SBP, delivered a comprehensive overview of the country's economic progress, the expansion of Islamic banking, and the role of digitalization and the IT sector in national development. Speaking the conference, he also underlined the importance of launching Sukuk to support Islamic finance and highlighted the steps taken to equip the banking workforce with Shariah-compliant training and frameworks. Macroeconomic outlook: SBP governor apprises foreign investors He advocated for simplifying the issuance of Sukuk bonds to further Islamic financial growth and outlined government-SBP efforts to deepen Pakistan's Sukuk market and urged stakeholders to tackle issuance bottlenecks. The SBP is actively working to simplify the Sukuk structure and streamline the process for issuing new Sukuks, Governor said and added that the SBP and the government are jointly pursuing the transition of public debt towards Sukuk- a Shariah-compliant financial instrument. 'We need to collectively address the underlying challenges to enable the issuance of more Sukuks and offer investors financial products that align with Shariah principles,' he emphasized. The Governor SBP highlighted that decisive policy actions taken by the government and the central bank have led to marked improvements including a sharp decline in inflation, a strengthened current account balance, and growing foreign exchange reserve He noted that three years ago, Pakistan grappled with surging inflation and external account imbalances. Through coordinated efforts by the government and the central bank, these issues were addressed effectively. He highlighted that inflation dropped to just 0.3 percent in April 2025, the lowest in over half a century, while the interest rate has decreased from 22 percent to 11 percent. He added that the inflation rate is expected to remain between 5-7 percent by the end of FY25. In addition, the trade deficit was reached highest ever level and now has been controlled. Since 2022, Pakistan has repaid $100 billion in foreign debt. Foreign exchange reserves have increased from $3 billion to $11 billion, and inflows of home remittances from $30 billion to $38 billion annually, thanks largely to freelancers and overseas workers. He praised the State Bank's initiatives in Islamic banking, revealing that Pakistan was recognized as the best central bank for Islamic banking efforts by a Malaysian institution. He added that one-fourth of banking deposits in Pakistan are now invested in compliance with Islamic principles. The governor also discussed the government's 2022 steering committee for Islamic banking transformation, which has held 450 meetings over the past 2.5 years. The State Bank has provided banks with guidance to address challenges, such as ensuring parity in profits between Islamic and conventional banking systems. 'Islamic banking awareness is vital as some remain skeptical and Sylani Welfare's role in economic service and forex earning is commendable', he said. He stressed the importance of transitioning from conventional to Islamic banking and acknowledged improvements in various industries including textiles and cement. The trade balance has turned into a surplus, and forex stability is yielding positive impacts. Jameel said the number of Islamic banking branches has surpassed 8,000. Banks need to develop new products, and a legal framework for Islamic banking has been established. Banks have been instructed to match the profit returns of Islamic banking customers to those of conventional banks. The governor lauded Saylani Welfare Trust for empowering youth through the IT sector, stating that IT and freelancing have become major sources of foreign exchange. He shared that due to the contributions of freelancers and overseas workers, remittances are expected to reach $38 billion by end of this fiscal year. The Governor SBP emphasized the remarkable progress in Islamic banking and informed that as of March 2025, Islamic banking assets had grown to Rs. 11,300 billion, with deposits totaling Rs. 8,400 billion. Over 8,000 Islamic banking branches are now operational across the country. The State Bank has implemented a Shariah Governance Framework and adopted international standards, especially those by AAOIFI, to guide the sector's development, he said. He revealed that 25 percent of the total banking assets are now Shariah-compliant, and Pakistan has received international recognition for its efforts in Islamic finance. However, he stressed the need to address public misconceptions and to overcome barriers like the absence of sukuk issuance. The governor also spoke about the success of the Raast system, which enables real-time fund transfers in just 6 seconds. In 2015, only 16 percent of Pakistan's adult population had access to banking services. This figure has now risen to 64 percent, and the central bank aims to increase it to 75 percent by 2028 under the National Financial Inclusion Strategy. He encouraged banks to provide more credit to SMEs, agriculture, and housing sectors, while also expanding Shariah-compliant products and services. Copyright Business Recorder, 2025
Express Tribune
21-05-2025
- Business
- Express Tribune
Scholars urge swift shift to Islamic system
Listen to article The Governor of the State Bank of Pakistan (SBP), Jameel Ahmad, said on Tuesday that Pakistan's foreign exchange reserves have climbed from $3 billion to $11 billion, largely due to rising remittances from freelancers and overseas workers. Speaking at the "Islamic Digital Economy" conference hosted by Saylani Welfare International Trust, Ahmed noted that inflation had dropped to 0.3%, its lowest in 50 years, and the policy rate had halved to 11% since peaking in 2022. He added that the trade deficit has narrowed, and Pakistan has repaid $100 billion in foreign debt since 2022. Ahmad praised Saylani's contributions to economic development and IT education. He reported over 8,000 Islamic banking branches now operate in Pakistan, with one-fourth of all deposits managed under Islamic principles. Pakistan, he said, was recently recognised by a Malaysian body as having the world's best central bank for Islamic banking efforts. Prominent cleric Allama Raghib Hussain Naeemi reaffirmed the Islamic Ideological Council's support for a complete transition to Islamic banking by 2027, as directed by the Federal Shariat Court. He called for integrating Hajj and Zakat funds within Islamic banking and highlighted the rapid growth of e-commerce and digital currencies, urging a structured framework for both. Mufti Muneebur Rehman warned that time is running out for banks to comply with the court's order to eliminate interest by 2027. He criticised the government for its continued involvement in interest-based practices and urged action-oriented conferences.
Business Recorder
12-05-2025
- Politics
- Business Recorder
Maulana Bashir announces cash reward for PAF heroes
KARACHI: The founder and chairman of Saylani Welfare International Trust, Maulana Bashir Farooqi, praised the armed forces for achieving a historic victory against India during a recent operation. He announced that two heroes of the Pakistan Air Force, who performed an extraordinary feat, will be awarded PKR 2.5 million each as a personal cash reward. During a press conference at the Karachi Press Club (KPC) on Sunday, Maulana Bashir Farooqi stated, 'I want to inform the nation that, by the grace of Allah, we have achieved success and victory. Two nuclear powers stood face to face, but our prayers and determination led us to triumph.' He revealed that, before the operation, Chief of Army Staff General Asim Munir offered the Fajr prayer, recited the Quran, and prayed for success. Two fighter pilots from the Pakistan Air Force, fully aware of the dangers, embarked on a mission and struck the enemy like falcons. 'They obliterated the adversary with their unparalleled bravery,' he said. The world, including Britain, was astonished by the precision of our armed forces and the missile strikes that rained down on the enemy. Maulana Farooqi emphasised, 'The defense of Pakistan is in strong hands. Our armed forces have defeated India's Modi-led government. We salute our forces and pay tribute to the Chief of Army Staff.' Copyright Business Recorder, 2025
