I am pleased to see the Center of Excellence in Islamic Finance (CEIF) - IBA organizing the second World Islamic Finance Forum to deliberate on the future outlook of global Islamic finance industry in the backdrop of changing market dynamics digital financial solution is being perceived as the way forward for the financial industry.
This event is being held at a time when Islamic finance industry is making inroads into western countries after becoming systemically important in several Muslim jurisdictions. Stakeholders of Islamic finance now need to look towards developing the industry as a solution towards broad based development. Reaching out to the underserved sectors such as SMEs, low cost housing and agriculture appears to be the natural course towards achieving Sustainable Developments Goals of United Nations. Realizing the cost and hurdles to cater to these sectors, it is imperative for Islamic banking institutions to embrace and incorporate innovations in financial technology (fintech) to propel the growth momentum. Recent trends in branchless and internet banking, supported by the State Bank of Pakistan, have resulted in increasing access to finance in the country. Islamic banking industry is expected to take advantage of this model to enhance its outreach and improve its efficiency. This signifies the need for a dynamic regulatory framework, enhanced transparency and adequate buffers for ensuring its sustainable growth. State Bank of Pakistan remains vigilant to the changing paradigm and is committed to enhance access to finance without compromising on the stability of banking system.
I wish CEIF - IBA a very successful event and look forward to positive outcomes of the conference with reference to applying digital finance towards not only to sustainable growth of Islamic banking and finance but its positive contribution to Pakistan's economy.
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