ISLAMABAD: President Dr. Arif Alvi said on Tuesday that Pakistan was committed to replicating the model of Riasat-e-Madina in Pakistan and converting the country into a modern Islamic welfare state.

Talking to the delegation of Al Baraka Banking Group, led by its CEO Adnan Ahmed Yousif, who called on him at the Aiwan-e-Sadr, the president highlighted that Pakistan had a robust banking sector; however, it was currently facing several challenges due to tough economic conditions.

The president said revival of economy was one of the top priorities of the government.

He said Pakistan’s position on Ease of Doing Business Index had improved significantly.

He also appreciated the role played by Al Baraka Bank, Pakistan, in providing Sharia compliant products to public.

Adnan Ahmed Yousif said Islam had given a financial system that eradicates Riba, links risks with return and creates circulation of wealth to ensure equitable distribution of income.

Al Baraka Bank (Pakistan) Ltd is the result of a merger between Al Baraka Islamic Bank Pakistan and the branch operations of AL Baraka Islamic Bank Bahrain and Emirates Global Islamic Bank Pakistan.

The merged entity commenced its operations on October 30th 2010. Al Baraka Bank (Pakistan) Ltd offers a wide array of Islamic financing products such as Murabaha, Ijarah, Musharakah, Islamic Export Refinance etc catering to a diverse cross-section of the economy including corporate, SME, and consumer services.