Global Islamic banking industry stands at $ 1.1 trillion: Muktadir
Mr. Kazi Abdul Muktadir, Deputy Governor, State Bank of Pakistan has outlined four key aspects for D-8 central banks’ cooperation for promoting inclusive economic growth amongst the D-8 countries.
In his opening remarks at a workshop on “Central Banks Monetary and Financial Cooperation for Promoting Inclusive Economic Growth in D8 countries” at a local hotel in Islamabad on Tuesday, he said that we need to deliberate on sustaining growth in the new economic order and enhancing cooperation through trade and capital inflows among the D-8 countries.
He said the D-8 economies have witnessed remarkable growth despite slow recovery in the global economy. “As the D-8 economies accelerate to a new phase, it is critical for central banks to work towards deeper economic and financial integration through sound monetary policies and macroeconomic management. However, regional economic and financial integration should be based on greater exchange rate flexibility, freer capital mobility, transparent rules and regulations”, Mr. Abdul Muktadir added.
He said that sustainability of economic growth can only be ensured through incentives to encourage investment in innovation and technology, and promotion of entrepreneurship. ‘Increased cooperation and deeper economic integration will enable D-8 countries to respond effectively to global challenges,’ SBP Deputy Governor added. Stressing the need for cooperation to promote innovative financial inclusion policies in the D-8 countries, he said that developing dynamic risk management framework and innovative financial structures can help the banking industry to exploit the huge potential of micro, small and medium enterprises.
SBP Deputy Governor said that besides sharing experiences of policy and development interventions for financial inclusion, ‘ we should also share our progress on innovative financial services such as branchless banking’.