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Dar gives go-ahead to Saylani, other charities to help raise $2bn from overseas Pakistanis

  • Charity organisations have reportedly proposed help in raising funds to alleviate Pakistan's economic concerns
Published February 2, 2023

KARACHI: Finance Minister Ishaq Dar on Thursday gave his green signal to a reported plan by charitable organisations to help raise around $2 billion from overseas Pakistanis as the country’s economy battles challenges on the foreign exchange front.

At the National Islamic Economic Forum’s (NIEF) ‘Defining a roadmap for Islamization of Pakistan’s economy’ in Karachi, Dar advised the group of charity organisations to meet with officials of the State Bank of Pakistan (SBP) to finalise the mechanism for the proposed fund-raising, which is planned to be “interest-free” for a five-year period.

His statement came after Saylani Welfare Trust and other organisations offered to help raise $2 billion from overseas Pakistanis, a move aimed at dealing with the current economic crisis and a focus on the issue of non-opening of letters of credit (LCs) amid dollar shortage.

Pakistan is currently in the midst of a massive economic battle with the currency hitting yet another record low on Thursday. Its foreign exchange reserves depleted to $3.7 billion last month, an import cover of less than three months.

Its government is currently also locked in talks with the International Monetary Fund (IMF) over revival of its bailout programme that got stalled in September last year.

In an effort to help alleviate some concerns, Muhammad Bashir Farooqi, Chairman Saylani Welfare, said that his organisation and around four to five others, including Akhuwat Foundation and The Citizens Foundation, were planning to request “patriotic overseas Pakistanis to lend dollars to the country without any interest for a five-year period”.

“This will help Pakistan escape the current economic crisis,” Farooqi said while speaking at the event.

“This will also help resolve the LC issue and clear up containers stuck at the port,” he said. Farooqi expects to fetch at least $2 billion through this initiative.

He also requested Dar to help facilitate the plan to which the finance minister agreed.

Market share of Islamic banking sector tops 20pc by Sept-end

Dar, who addressed via video link, also urged Farooqi to send a team for a meeting with the central bank to discuss details of the strategy as “it will be a documented and transparent process”.

“I will ask the governor (SBP) to meet your team and create the mechanism,” he said.

Earlier in his speech, Dar stated that “Islamisation of the Pakistan economy” was very close to his heart.

“We need to stop Riba (interest) as soon as possible. From 2013 to 2017, I took some measures and implemented them in SECP, SBP, stakeholders, industrialists, banks. We requested Mufti Taqi Usmani to lead the change,” he said.

Giving details on the initiatives introduced by the Pakistan Muslim League-Nawaz (PML-N) government in 2013-2018, he stated that special amendments were made during his party’s previous stint when 2% tax rebate was given to listed companies that were Shariah complaint.

“I can now see the dividends of these efforts. Meezan bank was the top Islamic bank and had 100 branches. It now has 1,000 branches,” he said.

Read more: Govt committed to eliminate Riba-based financial system, says Dar


Comments are closed.

Sher Feb 02, 2023 05:05pm
What a shame Dar sb please get NoC from establishment first.
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Hisham Feb 02, 2023 05:18pm
Enhance Shariah Complaint Securities. Sukuk subscription should be increased and advertised, so that majority of the People who are reluctant to open Bank accounts can save their money in Sukuks. There is definitely a majority of Pakistanis who hate a reluctance to open Bank accounts since they consider it participating in Riba.
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questionnmarkss Feb 02, 2023 05:31pm
@Hisham, while the same people are busy in lying, cheating etc....what a hypocrisy...
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Anonymous Feb 02, 2023 05:53pm
Saylani and other charitable organizations' should not poke their nose in this hybrid political system. It's better that they should focus on their charitable work with best practices.
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Doc Asad Feb 02, 2023 06:34pm
The same people who denied overseas the right to vote now in need of overseas. No need to send any money to country as long as these neutral pets are in power .
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Abdul Feb 02, 2023 07:37pm
I feel regret these charity organisations why did not ask the senior politicians who has deposited millions of usd transferred from pakistan or This programme implemented through charity to bring back those money sent through money laundering . In my opinion charity organisation should not involve in such activities If charity organisation really want to help they should collect funds locally from local population through out Pakistan and help unemployed people, those people or families who can not survive in their monthly incomes, medical support etc.
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Faraz Feb 02, 2023 07:50pm
Every go ahead has to do with staying a bekhari. Never give a go ahead to innovate and export machinery cars and technology. Bekh mangna is in every Pakistanis dna.
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Yasir Feb 02, 2023 07:53pm
Since the current administration is not trusted by overseas Pakistanis, they now turn to charitable organizations to make requests of them.
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Mustafa Feb 02, 2023 08:56pm
Yeah, who else will do the Islamization in this land of pure? People like Ishaq Dar - who are neck-deep into corruption scandals and do not think embezzlement is 'haram', they will rid the country of 'riba' as that is 'haram', and Saylanis - who do welfare of people after pre-screening their faith! Saylani's reportedly denied charity and rations to hindus, christians, and shias while working for flood relief. Multiple incidents. Then why wonder the country gets deeper in the abyss of problems?
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Saeeduddin Feb 02, 2023 09:57pm
If I tell the truth in my comments , there is good chance that I will be arrested and molested . So I will not give any comments. Thank you.
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Saeeduddin Feb 02, 2023 10:08pm
Very good . Do not involve the charitable organizations for donations. Simply order NS , AAZ, Bajwa, judges and the generals , and other known vultures bring the stolen money to Pakistan....they have more than trillion $ in foreign Banks . Likely doners aware these Dakoos will never return your money ... This is a trap.
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Hologram Feb 02, 2023 10:13pm
My request to overseas Pakistanis, don’t give a single penny to this government. Your hard earned money will be siphoned out into Swiss banks.
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Ahsan Feb 02, 2023 10:55pm
Government should claim billion of dollars being laundered in Swiss accounts by their own family members and relatives..
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bonce richard Feb 03, 2023 01:32am
@Sher, Shame Shame why you not bring stolen money from the UK. You and Sharif's family did a lot of corruption and enjoyed your life in the United Kingdom. Our generals are also corrupted. You people begging for money from overseas Pakistani. Since 1947 we are begging for money from others. Zakat Donation Fitra and other's shit.
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bonce richard Feb 03, 2023 01:38am
@Abdul, What do we do our luck we have corrupted e army and politicians. Every time they use to beg for money from others. Millions of dollars they transferred to others countries and enjoying life. Poor people are suffering.
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MNQ Feb 03, 2023 03:15am
Overseas Pakistanis don't have any trust in this administration and they will not send and cent. A simple solution to this problem is early elections.
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Ajamal Feb 03, 2023 05:32am
@Doc Asad, what difference overseas vote will make? Sending few more dummies into assemblies!!
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Ali Vazir Feb 03, 2023 11:29am
Shariah compliance under a thief. What kind of Islam is this? Don't be a fool to troll me as Youthia or others, please.
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Nasir Ali Khan Feb 03, 2023 11:32am
Dar Saab, if you and Nawaz Sharif are willing to deposit 2 billion dollars in a bank in the UK or Dubai and with this money obtain a bank guarantee that if this money that we raise through charitable organizations goes missing or is misused, the bank guarantee will pay for the loss, then I am willing to contribute as much as possible to this cause. I still remember the "qarz utaro mulk sunwaro" scheme you guys dreamed up.
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Yasir Feb 03, 2023 12:58pm
what a shame nation we are . Dar sb please ask Nawaz sharif to sale his london properties and get back the money
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KhanRA Feb 04, 2023 12:59pm
I can’t believe the man who destroyed the state’s reserves is now asking for us to trust him with money. He wants us to give money, interest free, for 5 years. In 5 years I could turn $1000 into $1900 by investment. But if I give $1000 to this fund, I in theory will only get $1000 back. There is no possibility of making more money on this deposit, but there is a high risk though that will not get my full deposit back, because the country might default. So remind me, why should I do this for Ishaq Dar when he doesn’t even want to get Pakistanis to pay taxes? I’m not interested in giving charity to a state bank that can’t even be trusted to return my money. I would rather invest my money and make it work for me instead of covering up Dar’s incompetence.
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