Mohammad Ali Jinnah University (MAJU) recently hosted a seminar on
Pakistan’s economic situation and the latest agreement with the
International Monetary Fund (IMF) at the campus.
Speaking at a seminar, Director at the Center for Excellence in
Islamic Finance (CEIF)-IBA Ahmed Siddiqui underscored the crucial role
of the IMF in stabilizing the country’s current account and the option
of utilizing the international lender’s Islamic financing program.
He mentioned that Islamic institutions are taking the lead in the
banking and financial sectors, having a strong potential to transform
the economy from interest-based elements to Shariah-compliant
mechanisms within five years.
He further added that the masses are choosing Shariah-compliant
financial products and services in the country as their preferred
choice, depicting the promising future of Islamic financial system in
Pakistan.
Economist Muhammad Farrukh Ahmed discussed various issues and
challenges facing the economy and its critical solutions through
restructuring and reforms of macroeconomic indicators.
He said agriculture and IT are highly potential sectors for economic
growth, foreign direct investment, and the generation of employment
across the country. On the other hand, the government should adopt
strict austerity measures to cut down on luxury items from import
bills, focusing on promoting localization of the economy.
He added that the reforms in tax authority are a much-needed step to
generate funds for public sector projects and curb on smuggling across
the country. The digitization of the financial sector and governance
will greatly help to end corruption.
The seminar was also addressed by noted speakers, including Chairman
Employees Federation of Pakistan, Mehmood Arshad, and Faculty Members
at MAJU, Dr. Hina Fatima and Dr. Umar Rafiq.
