Pakistan Can Become Big Player in Global Halal Economy: ICCD

Pakistan has solid potential to rise its share of the global Islamic economy by developing new Shariah-compliant financial products, improving regulations and building specialized expertise, according to Secretary General of the Islamic Chamber of Commerce and Development (ICCD) Yousef Hassan Khalawi.

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• Khalawi additionally stressed that Islamic finance should contribute to broader economic and social development rather than focus only on financial transactions.
• Khalawi remarked the development of common Shariah standards and stronger professional training remains essential for the industry.
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Speaking at the Securities and Exchange Commission of Pakistan (SECP) Talk Series on Islamic finance, Khalawi remarked Pakistan has a number of advantages, including a sizeable Muslim population, a sizeable overseas community, a growing Islamic finance industry and a robust pool of financial professionals. Govt Moves Closer To ZTBL Privatization.

He remarked Pakistan now needs to move beyond traditional Islamic finance and develop products that can serve both local and international markets, particularly in areas such as fintech.

He pointed to Waqf-based investment structures as one potential area, saying professionally managed and transparent listed Waqf models could pool even small contributions from individuals to finance projects in education, healthcare and infrastructure.

Agriculture was another area he identified as having significant potential. Khalawi pressed specialized Shariah-compliant financing instruments and greater expertise to assist unlock funding for the sector.

In practice, the discussion additionally covered Qard Hassan, or interest-free lending, with fintech identified as a potential tool to produce such financing easier to access and cheaper to deliver.

For now, pakistan Can Become Big Player in Global Halal Economy: ICCD remains the part of the story worth watching, and further updates are likely as more details are confirmed.