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Pakistan wins Global Islamic Leadership Award

03:48 PM | 14 Sep, 2020
Pakistan wins Global Islamic Leadership Award

ISLAMABAD – Pakistan has earned the Global Islamic Leadership Award in recognition of its efforts for promotion of Islamic Financing, according to the state broadcaster.

The award was received by President Arif Alvi at the 10th Global Islamic Finance Awards Ceremony in Islamabad on Monday.

Speaking on the occasion, the President noted that Islamic Financing is increasing around the world but its full potential yet needs to be exploited.

The President appreciated the fact that seventeen percent of Pakistan's banking sector has tuned to the Shariah Compliant instruments. He pointed out that Sukuk bond was recently floated in the energy sector.

President Arif Alvi commended the role played by State Bank of Pakistan and Securities & Exchange Commission of Pakistan in promotion of Islamic banking.

Arif Alvi emphasized on implementation of the basic principles of Islamic financing to help establish a society based on equality and compassion. He said the basic principles of Islamic financing are fairness, equality, justice, transparency and pursuit of social harmony. He said the basic purpose of Islamic financing instruments should be uplifting the poor people out of poverty.

He said Islam has nothing to do with exploitation and elitist culture; therefore, such approaches should be discouraged in Islamic financing.

The President also stressed the need for economic empowerment of women saying this is vital for development of the country. He said the women should be given their due share in inheritance.

In his remarks on the occasion, Governor State Bank of Pakistan Reza Baqir expressed the commitment to promote Islamic financing and take it to the levels never seen before.

He said there is a Shariah Advisory Committee comprising three schools of thought, Shariah boards and other mechanisms to ensure compliance with Shariah principles in the Islamic financing.

The Governor State Bank said that the Central Bank is also playing its role for creating awareness amongst the people about the Islamic financing.  

State Bank of Pakistan was also given Best Central Bank of the Year award for promoting Islamic banking. Others who received the awards on the occasion for their contribution to Islamic financing included renowned scholar Muhammad Taqi Usmani.

Daily Pakistan Global Web Desk

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65

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