Islamic Finance has an Important Role in Eradicating Economic Exploitation in Pakistan: President

The President of Pakistan, Dr Arif Alvi, stated that Islamic banking and financial principles offered a broad-based platform to elevate the underprivileged and prevent the concentration of wealth, charging that the prevailing financial mechanisms were exploitative and against the spirit of Islam.

Speaking at the 10th Global Islamic Finance Awards, Dr Alvi spoke on the principles of Islamic finance, constituted by "fairness, equality, transparency and the pursuit of social harmony". Dr Alvi particularly stressed the need to raise public awareness on Islamic finance as its scope was far wider than simply money-lending, given its spirit of creating a positive social impact.

Dr Alvi als...