ISLAMABAD: Governor State Bank Jameel Ahmed has said that the country’s economy should be made free of interest by 2027.
Addressing the Islamic Capital Market Conference, Jameel Ahmad said that the growth of the Islamic Capital Market is improving for the country’s economy. The size of the Islamic Capital Market has reached 3 trillion dollars.
In the last ten years, Islamic banking in Pakistan has increased by 24%. The percentage increased. Governor State Bank said that by 2027 the country’s economy has to be free from interest, Pakistan has 2.
Has issued 8 trillion rupees Islamic Sukuk bonds, has established a committee in the State Bank to convert government debt into Islamic Sukuk. He said that discussions on funding through Shariah compliance from the capital market are ongoing, the financial requirements of the government can also be met through sukuk issuance. Jameel Ahmad said that the Islamic banking market has been growing at 24% for the past ten years and its share in the banking sector has reached 20%. Reforms are underway.
The governor said that the size of the corporate bank sector of Pakistan is very small, there is a need to increase the corporate debt market, the Islamic market can be further promoted by promoting sukuk, and the financial needs of the government have also been met through sukuk. can go.
He further said that the government funds through the issuance of Sharia compliant funding through the capital market The need can be met, State Bank, along with SECP will continue to strive for the promotion of Islamic financial system in the country.
Addressing the conference, Chairman Securities and Exchange Commission of Pakistan (SECP) Akif Saeed said that after the decision of the Federal Sharia Court, important steps have been taken to promote the Islamic financial system in the country. The goal is to promote the capital market.