Chairman Albaraka Islamic Bank, Khalid Rashid Alzayani along with members of the Albaraka Board of Directors and management team met the Federal Minister for Finance Senator Mohammad Ishaq Dar here on Thursday. The Minister briefed the delegation about the efforts of the government for growth of Islamic Banking in Pakistan. He said the special steering committee on Islamic Banking, headed by Deputy Governor State Bank of Pakistan had been formed by the Government which had already presented its interim report putting forth proposals for development of Islamic finance.
The Minister said there would be gradual progression from conventional banking to Islamic Banking in Pakistan. He specially mentioned launching of Sukuk Bond in November last year which he said was a great success. The Minister added that "with concerted efforts and economic reforms we have brought about revival of the economy and subsequently we have regained the confidence of international financial institutions."
Khalid Rashid said all Islamic Banks desired to have their financial operations in Pakistan as they were encouraged by its tremendous economic turn around. He added the Bank already had an exposure of 50 million dollars to Pakistan. He also said that Al-Baraka had purchased 20 million dollars of Sukuk bonds. He said the Bank would be eager to finance food and water sectors and could also consider financing import of agricultural products from Pakistan. The Finance Minister said international banks and financial institutions were all coming forward to have business with Pakistan and "we also welcome Al-Baraka in this regard."-PR