Regional Conference emphasizes streamlined remittances in Pakistan
The 2nd AlBaraka Regional Conference, hosted by the AlBaraka
Forum for Islamic Economy in collaboration with the Islamic Chamber of Commerce
and Development (ICCD), in partnership with AlBaraka Bank Pakistan, recently
emphasized the vital role of home remittances in Pakistan and their impact on
sustainable development. The conference served as a platform for experts,
decision-makers, and stakeholders to discuss the multifaceted aspects of home
remittances and their broader implications for shaping economic growth,
especially in Pakistan.
Bank
Alfalah Limited and J.P. Morgan join hands to introduce inward remittance
service in Pakistan
Divided into three sessions, the event covered topics such
as the role of Islamic Financial Institutions in Economic Integration in
Pakistan, challenges and opportunities in leveraging home remittances for
economic growth, and policy frameworks and the future outlook for home remittances.
Keynote addresses were delivered by prominent figures,
including Dr. Ahmad Kawesa Sengendo (Assistant Secretary-General for Economic
Affairs, OIC), Dr. Mufti Irshad Ahmad Aijaz (Chairman, Shariah Advisory
Committee of SECP and SBP), Dr. Ishrat Husain (Former Advisor to Prime Minister
and Ex-Governor SBP), and Mr. Zulfiqar Ali Khokar (Head of Pakistan Remittance
Initiative at SBP). The CEO of AlBaraka Bank Pakistan, Mr. Muhammad Atif Hanif,
was also present and honored as a prestige partner of AlBaraka Forum.
Ace
Money Transfer and Habibmetro forge partnership to enhance remittance inflows
to Pakistan
The conference aimed to strengthen Islamic finance tools to
achieve Sustainable Development Goals (SDGs) and align remittance strategies
with sustainable development objectives. Mr. Yousef Khalawi, Secretary-General
of the AlBaraka Forum for Islamic Economy, emphasized the importance of
collaboration between governments and financial institutions to establish
secure, user-friendly, and legal channels for remittances, fostering linkages
with international financial institutions.
The launch of the AlBaraka Forum economic report titled
"Evolution of Home Remittance in OIC Countries (2017-2022): A Global
Perspective" was announced during the conference. According to the Saleh
Kamel Islamic Economy Database, Pakistan received approximately US$150 billion
in home remittances from 2017 to 2022, ranking fifth among the top
remittance-receiving countries in 2022 with US$29.9 billion.
SBP
introduces incentives to attract more remittances
The conference concluded by presenting policy frameworks and
future outlooks for home remittances, emphasizing the need for streamlined
flows to contribute to sustainable economic growth. Stakeholders discussed
future trends and outlooks for home remittances in Pakistan, highlighting the
importance of collective efforts to enhance their positive impact on the
national economy.
Source: https://tradechronicle.com/