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ISLAMABAD: The PM's Adviser on Finance and Revenue, Dr Abdul Hafeez Shaikh has said the Covid-19 has engulfed the whole world, and the global GDP is going to contract by three to four percent.

Addressing an international conference on Islamic Economics and Finance in Istanbul through a video link on Sunday, Hafeez said Islamic banking was growing at a fast pace in Pakistan. He said in Pakistan, our GDP is taking a hit of about three percent. Our exports and remittances have adversely been affected with manufacturing and other sectors also hurt, he added.

The adviser emphasized the potential of Islamic finance to help developing countries cope with the global financial challenges.

He said global Islamic finance industry was worth $2.4 trillion, and there were 1,400 Islamic finance institutions in 60 countries. In Pakistan, growth of Islamic finance coincides with global growth in the sector, he said.

The adviser said the government established a corona relief fund and transferred cash to 16 million vulnerable families to provide them support in this difficult time.

He said Pakistan and Turkey enjoyed very cordial and pleasant relations. Shaikh said that these relations cover politics, trade, commerce and attachment of our people towards each other. He said we are trying to promote business to business relations and galvanize our economies to further strengthen bilateral relations.

The adviser on finance expressed confidence that expertise shared in this forum will benefit the huge potential of Islamic finance, to stimulate economic growth.

Copyright Business Recorder, 2020