Pakistan Commits to Shariah-Compliant Financial System, Says Finance Minister

KARACHI: Pakistan's Finance Minister Muhammad Aurangzeb announced the country's steadfast commitment to transforming its financial system to align with Shariah principles, aiming for sustainable and inclusive economic growth. Addressing the Second International Islamic Capital Markets Conference and Expo in Karachi, the minister emphasized the importance of developing an economic system that resonates with the nation's faith while promoting widespread benefits for its citizens. According to Radio Pakistan, the Finance Minister highlighted the significance of Islamic finance, including instruments such as Sukuk, equity funds, and Shariah-compliant investment vehicles, as crucial tools for resource mobilization. With these mechanisms, Pakistan is poised to become a leading global hub for Islamic finance. However, the full potential of this sector can only be realized through collaborative efforts among scholars, financial institutions, regulatory bodies, and industry practitioners. Muhammad Aurangzeb stressed the need for Islamic finance to be not only rooted in Shariah principles but also practical, transparent, and adaptable to the evolving needs of the population. The minister underscored the importance of ensuring that these financial tools are effective in meeting the demands of modern economic challenges, thereby extending the benefits of these efforts to all citizens of Pakistan.