Dar calls for expediting process of promotion of Islamic banking in country

ISLAMABAD: Minister for Finance Senator Mohammad Ishaq Dar on Tuesday called for expediting the process of promotion of Islamic banking in the country.

He urged that the existing Islamic banking products should be promoted and work on the introduction of new products in the market should be prioritized.

The finance minister made these remarks in a meeting with the Governor State Bank Pakistan (SBP) Ashraf Mahoood Wathra and Saeed Ahmad, Deputy Governor SBP.

The minister was briefed on the measures being taken for expansion of the Islamic banking.

Islamic banking in Pakistan had recorded a noticeable growth.

The proliferation of Islamic banking products would provide the citizens of the country with more banking choices.

The present government had always sported Islamic banking and issuance of Sukuks during the last three years was a result of the government’s decision to support and promote Islamic banking.

The minister acknowledged the progress and appreciated the efforts being made in this regard.

He emphasized the need for coordination between all stakeholders for implementation of Islamic banking reforms.

In this regard, a meeting of the committee for Implementation of Recommendations on the Steering Committee for promotion of Islamic banking had also been called by the finance minister on December 3 at the ministry of finance.