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‘Economy on road to attaining stability’
字号+ Author:Smart News Source:US 2025-01-11 04:13:26 I want to comment(0)
KARACHI: Finance Minister Muhammad Aurangzeb has said that the economic challenges have been effectively , and the country is on the right path to achieving stability. Virtually addressing the inaugural session of the Second International Islamic Capital Markets Conference & Expo on Thursday, the finance minister said Pakistan had faced significant economic challenges, which were effectively addressed, and the country was on the right trajectory towards microeconomic stability and sustainable growth. The minister said that Islamic finance and capital markets can be pivotal in helping Pakistan remain steadfast on the road to macroeconomic stability. He said , specifically Islamic capital markets, could play a pivotal role in this road to market as instruments such as sukuk, equity funds, and Shariah-compliant investment vehicles not only attracted investment but also reduced reliance on interest-based borrowing. He said the government committed to transforming the financial system in line with Shariah principles, and 56pc of PSX market capitalisation comprised Shariah-compliant securities as of June 30, 2024. “In the collective investment segment, 48pc of assets under management of mutual funds, 66pc under management of voluntary pension funds, and 95pc under REITs are already Shariah-compliant. These statistics deflect the progress that we have made over the years,” the minister noted. Aurangzeb says key challenges have been addressed effectively He stressed the need for an economic system that aligns with Islamic values and supports inclusive, sustainable growth, stating, “Only then can we share the benefits with the citizens of Pakistan.” He said that Islamic finance and instruments such as sukuk, equity funds, and Shariah-compliant investment vehicles were vital for mobilising resources for critical sectors, including infrastructure development and poverty alleviation through Islamic social finance while maintaining adherence to ethical and transparent principles. “With these mechanisms in place, Pakistan has the potential to emerge as a leading global hub for Islamic finance,” he added. He said the growing interest in Shariah-compliant investment products was a testament to the increasing global demand for ethical and sustainable financial solutions. “The steady and healthy growth of Islamic finance, both in Pakistan and internationally, reflects the shifting preferences of investors towards value-based financial systems,” he said, adding this demand has spurred interest from market participants across sectors, both within and outside of banking, which is contributing to the creation of a comprehensive Islamic finance ecosystem“.
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