Mohammad Ali Jinnah University (MAJU) recently hosted a seminar on Pakistan’s economic situation and the latest agreement with the International Monetary Fund (IMF) at the campus. Speaking at a workshop, the Director at the Center for Excellence in Islamic Finance (CEIF)-IBA Ahmed Siddiqui underscored the crucial role of the IMF in stabilising the country’s current account and the option of utilising the international lender’s Islamic financing program.

He mentioned that Islamic institutions are taking the lead in the banking and financial sectors, and they have the strong potential to transform the economy from interest-based elements to Sharia-compliant mechanisms within five years.

He added that the masses are choosing Shariah-compliant financial products and services in the country as their preferred choice, depicting the promising future of the Islamic economic system in Pakistan.

Economist Muhammad Farrukh Ahmed discussed various economic issues and challenges and the critical solutions that can be achieved through restructuring and reforms of macroeconomic indicators.

He said agriculture, and IT are highly potential sectors for economic growth, foreign direct investment, and employment generation across the country. On the other hand, the government should adopt strict austerity measures to cut down on luxury items from import bills, focusing on promoting the localisation of the economy.

He added that the tax authority reforms are a much-needed step to generate funds for public sector projects and curb smuggling across the country. Digitising the financial sector and governance will greatly help end corruption.

Notable speakers addressed the seminar, including Mehmood Arshad, Chairman of the Employees Federation of Pakistan, Dr Hina Fatima, and Dr Umar Rafiq, faculty members at MAJU.