President Dr Arif Alvi expressed his support for the development of Islamic banking industry in the country in a meeting held with Irfan Siddiqui President & CEO Meezan Bank and Jameel Ahmad Deputy Governor State Bank of Pakistan along with a delegation from Meezan Bank. The group discussed the opportunities and challenges of Islamic banking in Pakistan and urged for elimination of Riba from the society.
Irfan Siddiqui updated the President on the growth of the Islamic Finance industry that presently comprises 15 percent of Pakistan's banking industry and appreciated the Prime Minister's vision to take this number to 25 percent by 2023.
He also commended the resolution passed by the Senate on conversion of the government debt to Shariah-compliant modes and said that promotion of Islamic finance will promote financial inclusion as well as give a boost to the country's economy.
The Constitution of Islamic Republic of Pakistan also requires elimination of Riba as early as possible and the government's efforts will go a long way in achieving this objective. Dr Arif Alvi showed keen interest in promotion of Islamic Banking and emphasized the need for government support to the Islamic finance industry.