Islamabad: The State Bank of Pakistan (SBP) will soon introduce a new incentive scheme to encourage higher remittance inflows while taking additional measures to improve banking services for overseas Pakistanis and freelancers, Governor Jameel Ahmad said on Wednesday.
Addressing the National Islamic Forum, the SBP governor said the central bank had established a dedicated help desk to address complaints from overseas Pakistanis and was working to introduce additional facilities to make remittance services more efficient.
Mr Ahmad said the SBP was also improving banking facilities for freelancers as part of its efforts to support the country’s growing digital economy.
The governor reiterated Pakistan’s commitment to transitioning to a fully Islamic banking system by December 2027, saying the central bank was aligning its regulatory framework with Shariah principles and international standards, particularly those of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
He said the government had accelerated the issuance of Sukuk to support the transition, including raising PKR 1.8 trillion through a hybrid Sukuk launched in April this year. In collaboration with the Pakistan Stock Exchange, the SBP has also introduced short-term hybrid Sukuk, mobilising PKR 239 billion.
Mr Ahmad said the SBP had approved a short-term Sukuk framework to provide Islamic banks with an alternative to Treasury bills and help establish a market benchmark. He added that the central bank was also working with universities and religious seminaries to strengthen education and capacity building in Islamic banking.
Speaking on the occasion, SBP Deputy Governor Saleem Ullah said Islamic banking now accounted for 29% of Pakistan’s banking industry, while 44% of bank branches had become Shariah-compliant.
He said the government had reaffirmed its commitment to completing the transition to an Islamic financial system by the end of 2027, with all domestic borrowing to be conducted under the Islamic banking system from January 1, 2028. Conventional bonds and loans would be converted into Shariah-compliant instruments upon maturity instead of being rolled over, he added.
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