Reiterating the commitment of the government to transform the economic system of the country into a complete Sharia-compliant format, Finance Minister Muhammad Aurangzeb has also emphasized the strides made towards the economic stability of the nation.
Speaking at the Islamic Capital Market Conference through video link, Aurangzeb said that Pakistan is heading in the right direction for achieving economic stability and added that the country has all the ingredients required to develop itself as the hub in Islamic finance with the Islamic capital market-upholding that transformation.
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Acknowledge by Aurangzeb the country’s financial difficulties and the need for a collective effort to remedy it. He pointed out that sukuk bonds are a major ingredient in facilitating interest-free loans and added that sukuk and other Islamic investment tools are key factors in minimizing interest-based loans. This action further drives the country toward an Islamic finance framework.
The comments by Aurangzeb come at a time when it is trying to buttress the eco-founding bases of Pakistan while also trying to virtually eliminate its reliance on traditional financial mechanisms.