Irfan Siddiqui updated the President on the growth of the Islamic Finance industry that presently comprises 15 percent of Pakistan's banking industry and appreciated the Prime Minister's vision to take this number to 25 percent by 2023.
He also commended the resolution passed by the Senate on conversion of the government debt to Shariah-compliant modes and said that promotion of Islamic finance will promote financial inclusion as well as give a boost to the country's economy.
The Constitution of Islamic Republic of Pakistan also requires elimination of Riba as early as possible and the government's efforts will go a long way in achieving this objective. Dr Arif Alvi showed keen interest in promotion of Islamic Banking and emphasized the need for government support to the Islamic finance industry.