Third phase of financial innovation fund to focus on Islamic financing
Pakistan's federal government on Friday launched the third round of Financial Innovation Challenge Fund designed to promote Islamic financing. The fund was launched with the assistance of the United Kingdom under the UKAid-sponsored Pakistan Financial Inclusion Programme being executed by the State Bank of Pakistan. The earlier two rounds focused on promoting innovative agricultural and rural financing in the country. Meanwhile, a steering committee constituted to promote Islamic banking has prepared an interim report and its recommendations will help in setting a roadmap and deciding a future course of action for providing an enabling environment for the growth of Islamic finance.
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