Finance Wizard Ishaq Dar stressed on Monday that Islamic finance has the potential to address the challenges of extreme poverty and boost shared prosperity.
Addressing the inaugural session of the International Conference on Islamic Capital Market in Islamabad, Dar said major financial markets exhibit solid evidence that Islamic Finance has already been mainstreamed parallel to the global financial system.
The Finance Minister said Islamic finance is one of the most rapidly growing sectors of the global financial system.
It has emerged as an effective tool for financing and development worldwide, added Mr Dar.
Meanwhile, State Bank Governor Jamil Ahmed highlighting the importance of Islamic banking told the participants that the volume of Islamic capital market assets in the world is $3 trillion, adding a share of the Islamic capital market in the international conventional market is 31pc.
The SBP chief admitted that there is a lack of regulatory framework, education, and awareness in the promotion of the Islamic capital market, adding the government has set up a steering committee for an interest-free economy by 2027.
He went on to say sukuk can play an important role in the development of the Islamic capital market.
The SECP Chairman Akif Saeed speaking on the occasion said after the decision of the Federal Shariah Court, important steps have been taken to promote the Islamic financial system in the country.
He added that SECP has established a new window for the promotion of Islamic finance products as their aim is to promote the Islamic capital market in the next 2 years.
“Government support is needed for the development of the Islamic capital market,” said SECP chief.