'Islamic finance critical to fixing global challenges'

'Islamic finance critical to fixing global challenges'

Author/Reporter

DAWN Reporter

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Planning Minister Ahsan Iqbal highlighted the critical role of Islamic finance in driving sustainable growth and addressing global challenges like climate change during the Islamic Finance Business Forum. He emphasized the industry's projected growth to $5.6 trillion by 2027, rooted in Sharia principles like profit-sharing, interest prohibition, and social responsibility through Zakat and Waqf. Islamic finance’s relevance to environmental issues was noted, with green sukuk issuance surpassing $20 billion in 2023, funding renewable energy and green infrastructure. Speaking at the Pakistan Stock Exchange (PSX), he praised its 60% growth in 2024 and stressed four pillars for national development: peace, stability, consistent policies, and reforms. He also announced the National Economic Transformation Plan, focusing on export-led growth and "Made in Pakistan" branding.

Publication Source

DAWN

Publication Date

12-4-2024

Pages

09

Disciplines

Business

Keywords

Islamic finance, sustainable growth, Sharia principles, profit-sharing, interest prohibition, Zakat, Waqf, green sukuk, renewable energy, National Economic Transformation Plan, Made in Pakistan, Pakistan Stock Exchange, economic reforms

'Islamic finance critical to fixing global challenges'

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