ISLAMIC BANKING & FINANCIAL SYSTEM

Aug 09 - Aug 15, 2004  
ISSUE # 32  

Islamic banking and finance is gradually developing into a full-fledged system globally and Pakistan is not an exception. The financial institutions offer asset and liability products. They are also participating in the money and capital market transactions. The new strategy of government is to allow Islamic financial services industry alongside conventional system and providing an opportunity to people to make their own choice. Pakistan is benefiting from the experience of other countries as well as contributing to the collective efforts being made to achieve the ultimate objective of Riba-free economic system.

 

 

 

GWADAR
The rain, which brings life to the dead and dry lands, is about to pour on the virgin lands of Gwadar, which is about to bloom with the development of the third port city of Pakistan. The on going development work at Gwadar port is very close to completion and according to official assessment the construction of the first phase of Gwadar port would be completed by December 25, the birth day of the father of the nation.

WTO
The elimination of subsidies on the exports of agriculture products, agreed by the rich nations is certainly a major breakthrough achieved in the recent WTO conference held in Geneva recently. It is really a great success in the sense that it will be providing a level playing field both to the rich and the poor nations of the world to compete in the world market. This can be described as an unusual achievement provided the framework signed in the conference was implemented in letter and spirit. It is also unusual because generally speaking the rich seldom care for the poor as the saying goes "the pleasures of the rich are bought with the tears of the poor".