Dr. Arif Alvi, the Honourable President of Pakistan expressed his support for the development of Islamic banking industry in the country in a recent meeting held with Mr. Irfan Siddiqui – President & CEO, Meezan Bank and Mr. Jameel Ahmad – Deputy Governor, State Bank of Pakistan along with a delegation from Meezan Bank.
The group discussed the opportunities and challenges of Islamic banking in Pakistan and urged for elimination of Riba from the society.
Mr. Irfan Siddiqui updated the Honourable President on the growth of the Islamic Finance industry that presently comprises 15% of Pakistan’s banking industry and appreciated the Prime Minister’s vision to take this number to 25% by 2023.
Mr. Irfan Siddiqui also commended the resolution passed by the Senate of Pakistan on conversion of Government debt to Shariah-compliant modes and said that promotion of Islamic Finance will promote financial inclusion as well as give a boost to the country’s economy.
The Constitution of Islamic Republic of Pakistan also requires elimination of Riba as early as possible and the government’s efforts will go a long way in achieving this objective.
The Honourable President showed keen interest in promotion of Islamic Banking and emphasized the need for Government support to the Islamic Finance industry.