MAJU hosts seminar on Pakistan’s economic situation

KARACHI  -   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. 

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