ISLAMABAD: Pakistan has been awarded with Global Islamic Leadership Award in recognition of its efforts for promotion of Islamic Financing.

The award was received by President Arif Alvi at the 10th Global Islamic Finance Awards Ceremony in Islamabad on Monday.

State Bank of Pakistan was also given Best Central Bank of the Year award for promoting Islamic banking. Others who received the awards on the occasion for their contribution to Islamic financing included renowned scholar Muhammad Taqi Usmani.

Speaking on the occasion, the president noted that Islamic Financing is increasing around the world but its full potential yet needs to be exploited.

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The President appreciated the fact that seventeen percent of Pakistan’s banking sector has tuned to the Shariah Compliant instruments. He pointed out that Sukuk bond was recently floated in the energy sector.

President Arif Alvi commended the role played by State Bank of Pakistan and Securities & Exchange Commission of Pakistan in promotion of Islamic banking.

Arif Alvi emphasized on implementation of the basic principles of Islamic financing to help establish a society based on equality and compassion. He said the basic principles of Islamic financing are fairness, equality, justice, transparency and pursuit of social harmony. He said the basic purpose of Islamic financing instruments should be uplifting the poor people out of poverty.

He said Islam has nothing to do with exploitation and elitist culture; therefore, such approaches should be discouraged in Islamic financing.