On Thursday, Finance Minister Senator Muhammad Aurangzeb emphasized the importance of Islamic finance and capital markets in steering Pakistan toward economic stability and sustainable growth.
Addressing the Second International Islamic Capital Markets Conference & Expo in Karachi via video link, the minister acknowledged the economic hurdles Pakistan has faced but assured that these challenges are being managed effectively.
He highlighted the nation’s trajectory toward recovery and long-term prosperity.
Aurangzeb pointed out the untapped potential of Islamic financial instruments such as Sukuk bonds, equity funds, and Shariah-compliant investment platforms in attracting investors and reducing dependency on interest-based loans.
The event brought together key figures, including Shaikh Ebrahim Bin Khalifa Al-Khalifa, Chairman of AAOIFI; Dr. Sami Al-Suwailem, Acting Director General of the Islamic Development Bank Institute; Akif Saeed, Chairman SECP; and Saleemullah, Deputy Governor of SBP.
The minister praised the conference as a step forward in advancing Pakistan’s Islamic financial market and integrating Shariah-compliant principles into the financial landscape.
He shared statistics showing that, as of mid-2024, a significant portion of Pakistan’s financial assets align with Islamic principles, including 56% of market capitalization on the Pakistan Stock Exchange and 95% of REIT assets.
He called for an economic model grounded in ethical practices and Islamic values, ensuring inclusive development that benefits all citizens.
Highlighting Islamic finance as a catalyst for resource mobilization, Aurangzeb noted its potential to drive infrastructure projects and address poverty through socially responsible financial practices.
