Islamic Banking and Fintech: Advancing remittances in the UAE
The conference titled "Remitlink23: Resilient
Remittances" was organized by Dellsons Associate in collaboration with the
Embassy of Pakistan in the UAE and the Foreign Exchange and Remittances Group
(FERG). Generous sponsorship was provided by Dubai Islamic Bank, JazzCash, and
Instant Cash.
The conference brought to light the potential for Pakistani
expatriates in Dubai and other Gulf countries to enhance their remittance
contributions using the avenues of banking, leveraging financial institutions,
government initiatives, and community development efforts.
Pakistan
Remittance Summit to take place in Dubai next month
Faisal Niaz Tirmzi, Ambassador to Pakistan for the UAE,
served as the chief guest at the Resilient Remittances (RemiLink23) conference
in Dubai. He highlighted that the UAE stands as the second-largest receiving
country globally, hosting over 1.6 million Pakistani nationals. The number of
Pakistani professionals relocating to different states within the UAE has been
on the rise in recent months.
Mr. Tirmzi commended Pakistani professionals and workers in
the UAE, describing them as resourceful, hardworking, and patriotic individuals
who have a deep sense of responsibility towards their homeland. He emphasized
the valuable role they play in contributing to their home country, particularly
through sending remittances via banking channels. The government has initiated
various measures to promote the flow of remittances, with the expectation of
increased utilization of banking channels among overseas Pakistanis.
Bank
Alfalah and ACE Money Transfer to facilitate overseas Pakistanis
Imad ul Malik, Joint Treasurer at the Foreign Exchange and
Remittances Group (FERG), noted that those involved in the "hundi"
system not only deliver money directly to recipients' doorsteps but also
provide advance money services to those in need. He suggested the introduction
of microfinance options for remittances, where funds are delivered in advance,
and individuals repay them a month later.
Salman Hasan Khan, Head of Priority Banking and PRI at Dubai
Islamic Bank Pakistan, underlined the critical role that financial institutions
play in connecting overseas Pakistanis with their relatives back home. He
pointed out that Pakistanis residing in various countries favor Islamic banking
over interest-based systems, emphasizing the need to promote Shariah-based
financial options with innovative technological solutions.
SBP
introduces incentives to attract more remittances
Ibrahim Amin, President of Dellsons Associates, stressed
that the conference's objective is to bridge the gap between stakeholders, including
government officials, regulators, and service providers such as banks,
exchanges, and fintech companies. He highlighted the vital role remittances
from the GCC region play in supporting Pakistan's macroeconomic indicators,
including the current account balance and rupee stability against foreign
currencies. Therefore, the contributions of overseas Pakistanis should be
recognized through facilitation and incentives.
The "Remitlink23: Sustainable Remittances"
conference aimed to strengthen ties between the Pakistani community in the UAE
and various stakeholders, including financial institutions and the government.
Discussions explored the need for technological, cost-effective solutions and
incentives for expatriate Pakistanis to revitalize international remittances to
Pakistan through banking channels, while also addressing the issue of illegal
Hawala/Hundi transactions.
The conference also featured discussions explaining the
importance of utilizing banking channels to send remittances to Pakistan and the
positive impact this has on their relatives, including currency stability and
inflation control.
Notable experts from the banking and financial sectors of
Pakistan and the UAE, including Tufail Ahmed Khan, CEO of Dellsons Associates,
UAE; Osama Al Rahma, Board Advisor, FERG UAE; Usman bin Raees, COO of Instant
Cash; Suleman Hasan, Chief Compliance and Risk Officer at 1LINK; Zameer
Punjabi, Vice President of Payments and Remittances at Mashreq Bank; Omer
Farooq, Head of Operations at Cash Express; Shabnam Faqeer, Independent
Director at DIB Pakistan and Nominee Director at IFC, World Bank Group; and
others, addressed the conference.
Source: https://irshivideos.com/