Encouragement of women in the field of economic development is essential, said President Dr. Arif Alvi. He was speaking at the award ceremony of Global Islamic Finance on Monday.

Speaking at the ceremony, he said Islamic banking and finance system is expanding around the world, including Pakistan.

He said that serious efforts are being made for the promotion of the Islamic Banking system in Pakistan, while 17% of banking is being conducted in accordance with Islamic Laws.

He further said that the objective of the Islamic Financial system should be to lift the poor out of poverty. Alvi said that the COVID pandemic also affected the banking system in the country, but the State Bank is working to develop Islamic banking further.

It is to be noted here that Pakistan has been awarded the Global Islamic Leadership award in recognition of its efforts to promote the Islamic Financial System. The award was received by the President, Arif Alvi at the 10th Global Islamic Finance awards in Islamabad today.

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