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The Mohammad Ali Jinnah University (MAJU) recently organized a seminar on the economic situation of Pakistan and the latest agreement with the International Monetary Fund (IMF) at the campus.
At the seminar, the Director of the Center of Excellence in Islamic Finance (CEIF)-IBA Ahmed Siddiqui emphasized the IMF’s key role in stabilizing the country’s current account and the possibility of using the international lender’s Islamic financing program.
He mentioned that Islamic institutions are taking the lead in the banking and financial sector and have a strong potential to transform the economy from interest-based elements to Sharia-compliant mechanisms within five years.
He further added that the masses are choosing Shariah-compliant financial products and services as their preferred choice which shows the promising future of the Islamic financial system in Pakistan.
Economist Muhammad Farrukh Ahmed discussed the various problems and challenges facing the economy and their major solutions through restructuring and reforms of macroeconomic indicators.
He said agriculture and IT are high-potential sectors for economic growth, foreign direct investment, and job creation across the country. On the other hand, the government should adopt strict austerity measures to cut luxury goods from the import bill, with a focus on promoting the localization of the economy.
He added that tax authority reforms are a much-needed step to generate funds for public sector projects and curb smuggling across the country. Digitization of the financial sector and public administration will significantly contribute to ending corruption.
The seminar was also addressed by eminent speakers including the Chairman of the Pakistan Employees Federation Mehmood Arshad and MAJU faculty members, Dr. Hina Fatima and Dr. Umar Rafiq.
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