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Dar pledges support for Islamic finance centre

KARACHI: Federal Finance Minister, Ishaq Dar on Wednesday expressed pleasure over the efforts being swiftly expedited to create the Centre of Excellence for Islamic finance education that was announced last year.

Speaking at the State Bank of Pakistan, Karachi on the occasion of the opening ceremony of proposals received to establish a Centre of Excellence for Islamic finance education, he said, “I would like to extend my special appreciation to the State Bank of Pakistan for supporting such initiatives.”

“I am optimistic that this Centre will further strengthen the foundations of Islamic finance in the country through rigorous research and by addressing the challenge of the dearth of human resources”, he added.

According to press release issued by SBP, the Minister said that rapidly increasing presence of Islamic finance around the globe is a long awaited development needed to address the issues created by the interest based financial system.

On the other hand, the Governor, State Bank of Pakistan, Ashraf Mahmood Wathra while giving his welcome address said that Islamic finance has witnessed tremendous growth in the last four decades and its outreach currently spans across the globe, with an asset base of US$ 1.8 trillion.

“Having established itself as a viable alternative during the last financial crises, standard-setting bodies are increasingly viewing Islamic finance as means to promote broad-based, inclusive economic growth”, he said.

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