Global Is­lamic bank­ing in­dus­try stands at $ 1.1 tril­lion: Muk­tadir

The Pak Banker - - Front Page - Staff Re­porter

LAHORE

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’.

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