Islamic banking is booming in Pakistan! financial advisor
Addressing a video conference at the International Conference on Islamic Economics and Finance in Istanbul via video link, Sheikh urged developing countries to turn to Islamic banking to take advantage of global financial challenges.
He said that Islamic banking in Pakistan is growing rapidly and is in line with the global development in this field.
He said the global Islamic banking industry is worth more than 20 2 trillion and Islamic banking institutions have 1,400 branches in 60 countries.
Referring to the budget for the next financial year presented in recent days, the finance adviser said that the government has made difficult decisions in the federal budget for the new year, not increasing the salaries of government employees is a difficult decision but it was a matter of time. ۔
He said that the federation has limited resources and despite the problems, no new tax has been imposed in the budget for the new financial year. The duty rate on 1623 tariff lines has been abolished in the budget.
He said the status of the corona virus epidemic was uncertain, and if it intensified, the government would reconsider key targets.
Regarding the reduction in expenditure, Hafeez Sheikh said that this process is for all, the expenditure of the President and the Prime Minister's House has also been reduced, the first Public Finance Management Act has been made a part of the budget, SBP has been given autonomy while The government is also not influencing the Monetary Policy Committee.
He said that corona virus has spread all over the world and global gross national product (GDP) will be reduced by 3 to 4 percent.
"Our GDP has shrunk by about 3%, our exports and remittances have also been affected, while manufacturing and other sectors have also been affected," he said.
The government has set up the Corona Relief Fund and provided cash to 16 million families to help in this difficult time, the finance adviser said.
They are pure. Referring to Turkish relations, he said that the two countries have very friendly and cordial relations, which are linked to politics, trade, business and the mutual love of our people.
"We are working to further strengthen bilateral ties, boost trade ties and strengthen our economies," he said.
