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Pakistan wins Global Islamic Leadership Award

Pakistan Wins Global Islamic Leadership Award

ISLAMABAD – Pakistan received the Global Islamic Leadership Award in recognition of its efforts to promote Islamic finance.
The award was received Monday by Pakistani President Arif Alvi at the 10th Global Islamic Finance Awards ceremony in Islamabad.
Speaking on the occasion Pakistani president noted that Islamic financing is increasing around the world, but its full potential has yet to be achieved.
The president appreciated that seventeen percent of Pakistan’s banking sector tune in to Sharia-compliant instruments. He pointed out that the Sukuk bond had recently been introduced in the energy sector.
Alvi praised the role played by the State Bank of Pakistan and the Securities & Exchange Commission of Pakistan in promoting Islamic banking.
Alvi focused on implementing the basic principles of Islamic financing to help establish a society based on equality and compassion. He said the basic principles of Islamic financing are fairness, equality, justice, transparency and the pursuit of social harmony. He said the fundamental goal of Islamic financing instruments should be to lift the poor out of poverty.
He said Islam had nothing to do with exploitation and elitist culture; therefore, such approaches should be discouraged in Islamic financing.
The president also stressed the need for women’s economic empowerment, saying this is vital for the development of the country. He said women should receive their share of the inheritance.
(Sahar News Monitoring Desk)

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