KARACHI: Speakers at a seminar here stressed the importance of Islamic financial system, IT and agriculture sectors for revival of ailing economy while reducing reliance on International Monetary Fund (IMF).
Mohammad Ali Jinnah University (MAJU) hosted the seminar on Pakistan's economic situation and the latest agreement with the International Monetary Fund (IMF) at the campus.
Director at the Centre for Excellence in Islamic Finance (CEIF)-IBA Ahmed Siddiqui underscored the crucial role of the IMF in stabilising the country's current account and the option of utilising the international lender's Islamic financing program.
He mentioned that Islamic institutions are taking the lead in the banking and financial sectors having a strong potential to transform the economy from interest-based elements to Shariah-compliant mechanisms within five years.
He further added that the masses are choosing Shariah-compliant financial products and services in the country as their preferred choice, depicting the promising future of Islamic financial system in Pakistan.
Economist Muhammad Farrukh Ahmed discussed various issues and challenges facing the economy and its critical solutions through restructuring and reforms of macroeconomic indicators. He said the agriculture and IT are highly potential sectors for economic growth, foreign direct investment, and the generation of employment across the country. On the other hand, the government should adopt strict austerity measures to cut down on luxury items from import bills, focusing on promoting localization of the economy.
He added that the reforms in tax authority are a much-needed step to generate funds for public sector projects and curb on smuggling across the country. The digitization of the financial sector and governance will greatly help to end corruption.
The seminar was also addressed by noted speakers including Chairman Employees Federation of Pakistan Mehmood Arshad and Faculty Members at MAJU Dr Hina Fatima and Dr Umar Rafiq.
Copyright Business Recorder, 2024
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