Dar expects philanthropists to raise $2b

The Nation  |  Feb 03, 2023

ISLAMABAD    -   Finance Minister Ishaq Dar has said that he would ask the State Bank of Pakistan governor to coordinate with a group of philanthropists in an effort to raise dollars from overseas Pakistanis to reduce the foreign exchange shortage. Addressing a conference on Islamic finance via video link here yesterday, the finance minister praised the initiative of Bashir Farooqi, founder of Saylani Welfare International Trust, under which leading philanthropists expect to raise $2 billion for five years. The funds will not generate any profit for the overseas Pakistanis, Farooqi said. He said that the fundraising drive will help ease the shortage of foreign exchange, which is causing delays in the clearance of imported goods from port authorities. Other particiseas Pakistanis for help,” Farooqi said. During his address, Dar also called for eliminating the interestbased system and said a committee had been constituted to ensure that an Islamic banking system was established. Dar shared that he had directed the State Bank of Pakistan and the National Bank of Pakistan to withdraw their appeals against the Federal Shariat Court ruling.

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