ISLAMABAD –  Finance Minister Senator Ishaq Dar has called for expediting the process of promotion of Islamic banking in the country.

During a meeting with the State Bank of Pakistan (SBP) Governor Ashraf Mahmood Wathra and SBP Deputy Governor Saeed Ahmad, he urged that the existing Islamic banking products should be promoted and work on the introduction of new products in the market should be prioritised.

The minister was briefed on the measures being taken for expansion of the Islamic banking. Islamic banking in the country has recorded a noticeable growth. The proliferation of Islamic banking products will provide the citizens of the country with more banking choices. The present government has always sported Islamic banking and issuance of Sukuks, during the last three years, is a result of the government’s decision to support and promote Islamic banking.

Dar acknowledged the progress and appreciated the efforts being made in this regard. He emphasized the need for coordination between all stakeholders for implementation of Islamic banking reforms. In this regard, a meeting of the Committee for Implementation of Recommendations on the Steering Committee for Promotion of Islamic Banking has also been called by the finance minister on December 3, 2016 at the Ministry of Finance.

Pak-French economic co-op to strengthen in future

Ambassador of France to Pakistan Martine Dorance called on Federal Minister for Finance Senator Mohammad Ishaq Dar Tuesday and discussed matters of bilateral interest.

The ambassador was accompanied by the French Political and Press Councilor and the Head of Economic Department at the French Embassy. The finance minister welcomed the French ambassador and her colleagues and appreciated the long standing friendly relationship between Pakistan and France, said a statement issued here.

Ishaq Dar said that the economic cooperation between Pakistan and France would not only continue but would further grow and strengthen in future. The French ambassador thanked the finance minister for the welcome. She also appreciated the efforts being made by Pakistan to introduce reforms in various sectors which provided macroeconomic stability to the country. She appreciated the efforts of the current govt to introduce international best practices in the country and improve governance through action against corruption and bribery.

The French ambassador also informed the finance minister about the interest shown by the French investors in supporting clean energy projects of Pakistan and said that the French Agency for International Development (ADF) is keen to support Pakistan in developing clear energy projects which can contribute effectively towards Climate Change initiatives. The finance minister appreciated the continued cooperation which Pakistan receives from the French Agency for Development.

The finance minister informed that Pakistan is actively engaged with the OECD and has recently signed the Multilateral Convention on Mutual Administrative Assistance and is considering to join the OECD convention on combating bribery.

The French ambassador said that Pakistan’s ongoing engagements with the OECD are an important signal to international community about Pakistan’s commitment to improve governance and transparency. The meeting was attended by senior officials of the Ministry of Finance and the Economic Affairs Division.


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