Pakistan's FM urges Dubai Islamic Bank to boost investments

August 23, 2024 (MLN): Pakistan's Finance Minister Muhammad Aurangzeb, in a virtual meeting held yesterday, invited Dubai Islamic Bank to increase its investments in the country.

He engaged with Adnan Chilwan, Group CEO of Dubai Islamic Bank, to discuss Pakistan’s economic trajectory and explore potential avenues for increased investment in the country.

The meeting was attended by Minister of State Ali Parvez Malik, Secretary Finance, and other senior officers from the Finance Division.

Senator Aurangzeb welcomed Chilwan and expressed gratitude for Dubai Islamic Bank's continuous engagement with Pakistan's financial sector.

He highlighted the government's commitment to strengthening economic ties with international partners, particularly in Islamic banking, and expressed optimism about future collaborations with Dubai Islamic Bank.

The Finance Minister provided an in-depth overview of Pakistan's current economic scenario, emphasizing the progress made in stabilizing the economy and fostering a conducive environment for business and investment.

He highlighted key initiatives taken by the government such as broadening the tax base, enhancing the ease of doing business, the digitalization of the Federal Board of Revenue (FBR), and ongoing reforms and restructuring in state-owned enterprises (SOEs) and privatization.

Adnan Chilwan expressed his appreciation for Pakistan’s economic policies and initiatives, and emphasized that Pakistan remains a strategically important market for Dubai Islamic Bank.

He reiterated the bank's interest in playing a larger role in the country's financial growth, particularly in sectors such as Islamic banking, infrastructure, and SME development.

During the meeting, Muhammad Aurangzeb reaffirmed the government's commitment to sustaining a stable macroeconomic environment and ensuring that all necessary measures are implemented to facilitate foreign investment.

The discussion underscored the importance of strengthening economic cooperation between Pakistan and Dubai Islamic Bank.

The meeting reflected the shared commitment of both parties to fostering sustainable economic development and further deepening financial ties between Pakistan and the UAE.

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