Islamic Banking growing at a fast pace in Pakistan: Hafeez Shaikh.

ISLAMABAD -- Adviser to PM on Finance and Revenue Dr. Abdul Hafeez Shaikh has emphasized the potential of Islamic Finance to help developing countries cope with the global financial challenges.

Addressing international conference on Islamic Economics and Finance in Istanbul through video link on Sunday, he said Islamic Banking is growing at a fast pace in Pakistan.

He said global Islamic Finance industry is worth 2.4 trillion dollars and there are 1,400 Islamic Finance institutions in 60 countries. In Pakistan, growth of Islamic Finance coincides with global growth into this sector.

Dr. Abdul Hafeez Shaikh said corona virus has engulfed the whole world and global GDP is going to contract by 3 to 4 percent. In Pakistan, our GDP is taking a hit of about 3 percent. He said our exports and remittances have adversely been affected with manufacturing and other sectors also hurt.

The Adviser said the...