Islamic capital market is boosting growth: SBP governor
Business
Mentions 24 per cent expansion during the last decade in Pakistan
ISLAMABAD (Dunya News) – State Bank of Pakistan (SBP) Governor Jameel Ahmad on Monday said Islamic capital market was helping economic growth in the country. There had been a 24 per cent expansion during the last decade in Pakistan, he added.
Mr Ahmad, who was addressing a press conference in the federal capital, said the SBP and the Securities and Exchange Commission of Pakistan (SECP) had been making joint efforts to introduce reforms in Islamic financing. The objective was to make the country’s economy free of interest-based system, he noted.
Pakistan had already issued sukuk bonds worth Rs2.8 trillion, the governor said and added that the a SBP committee was formed to convert the government debt to Islamic sukuk.
Mr Ahmad said talks were going on to get Sharia-compliant funding from the capital market and noted that the government needs could also be met by issuing sukuk bonds.
