IslamicFinance.de

Jameel Ahmad, Deputy Governor of State Bank of Pakistan believes that the newly adopted National Financial Inclusion Strategy (NFIS) will contribute significantly to the economic growth. He said the central bank and Pakistan's government have a firm resolve to reach the under-served groups. The NFIS would focus on the enhanced targets including Small-Medium Enterprises (SMEs), agriculture, housing and Islamic finance on an extended time-line to 2023. By 2023 the NFIS aims to enhance the usage of Digital Payments to 65 million active digital transaction accounts, to increase deposit to 55% of the GDP, to promote SME Finance to 700,000 enterprises, to increase Agricultural Finance disbursements to Rs.1.8 trillion, and serve 6 million farmers through digitalized solutions and to enhance share of Islamic Banking to 25% of the banking industry.

The Pakistani government is mulling a dedicated division at the finance ministry to deal with Islamic finance. The Prime Minister's Finance adviser, Miftah Ismail said the committee would be set up for the promotion of Islamic banking in Pakistan. He also said that the country is set to achieve a six percent economic growth in the current fiscal year. Deputy Governor Jameel Ahmad at State Bank of Pakistan (SBP) said Islamic finance industry needs to expand its product menu with special focus to reach out to the unserved sectors and regions. Ahmad said development of all components of Islamic finance industry is imperative to achieve inclusive economic development.