COVER

ISLAMIZATION OF FINANCIAL SYSTEM IN PAKISTAN

Nov 17 - Nov 23, 2003  
ISSUE # 46  

The revised strategy of the government, development of Riba-free commercial banking in parallel to the conventional banking, seems to be yielding positive results. While the players and the regulators have successfully created enabling environment, clients have yet to repose confidence in the system. The overall impression is that public still suffers from a negative perception about Riba-free system and a lot more has to be done to educate them unless they themselves, are willing to join the new system, its success remains skeptical.

 

 

 

 

INDIA-PAKISTAN RELATIONS
India has offered a 12 point package for resuming talks with Pakistan. However, it is said that the offer made by Indian leadership is to get sympathies of a large population of the Muslims who have the tilting power in the forthcoming elections in India. However, Pakistan has responded positively and has already assured that it would be attending the Aviation Conference to be held on December 2, 2003 in India. It is said that India was desperately looking for restoration of air links with Pakistan as it is loosing huge revenue due to severed air links between the two countries.

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GROWERS-MILLERS TUSSLE
The tussle between the growers and the sugar millers may lead to a shortfall of 3 million tons of wheat in the winter crop because of delayed start of sowing. The issues such as non-payment of dues to the growers, held up stocks of sugar, issue of support price for the growers all have created a bad taste and it is feared that the growers if not assured for lifting of the crop, may cut area under cultivation for sugar cane crop next year.