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A representational image of a BankIslami branch. — AFP/File
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KARACHI: Pakistan’s efforts to manage crypto currencies are an important step, but, they have warned that these digital assets are lacking in their nature and lack of assets.
In March, the country launched the Pakistan Crypto Council (PCC) to promote innovation in the sector and establish a regulatory framework, which protects investors and financial systems. Recently, Islamabad introduced its strategy to manage virtual assets, according to the Financial Action Task Force guidelines.
“In the Bankslami, we recognize the ability to change blockchain technology in creating a transparent, efficient and safe financial system,” President and CEO Rizwan ATA told The News in an interview.
“This is an important step, but we need to approach and manage carefully,” the ATA said. Strong cyberScript framework should also be developed to protect against any potential threats. He added that efforts should be made to effectively interact with people to ensure that they are fully aware of both the risks and benefits.
“There are unique challenges, especially from the point of view of the Shariah,” he said.
He added, “Due to the lack of crypto currencies, their nature and the base of the assets, it can prove to be a challenge on this front. For now, it will be a clock and a place for us.” Pakistan is one of the leading countries in adopting cryptocurrency globally, proud of about 20 million users. During the ongoing debates, Pakistan and Malaysia have joined the forces to create a framework for digital assets according to the Shariah, whether crypto currencies can be considered according to Sharia. Critics argue that the unstable currencies of crypto currencies encourage the trade of speculation, which resembles gambling. Virtual asset transactions can also be used for illegal activities, such as money laundering.
Focused on financial methods according to sustainable Shariah
An independent Islamic banking subsidiary of JS Bank Limited firmly believes in the power of Sustainable Finance and is deeply determined to maintain moral and sustainable financial methods, which are in accordance with the basic values of finance according to Sharia.
According to the ATA, this approach has led the Islamic lender to invest in areas such as clean energy, sustainable agriculture, and green infrastructure, which are very important for long -term stability of Pakistan and beyond. The Federal Cabinet has approved a sustainable investment consumer framework, which paved the way for the release of the green Civic on the first list of Pakistan. The potential size of the Sukuk can be around Rs 30 billion, which is three years. The funds collected will be used to finance three clean energy projects. Sukuk is expected to be released next month. Mizan Bank Limited, Dubai Islamic Bank Pakistan Limited, Bankslami Pakistan Limited, and Bank Alfala are working as a joint financial adviser for the launch of Islamic Green Soccer.
The CEO of the bank views the government’s decision to issue the Green Socoit Bonds as a positive development, as it gives players from both public and private sectors an opportunity to raise capital for environmental measures. “We see it as an opportunity to utilize the growing interest in responsible investment, especially in investors globally, looking for environmental sectors, according to environmental sectors. Looking for the release of green Soki. In order to accelerate the transfer of a more sustainable economy in Pakistan.
Does the Islamic Panda Bond have the ability to issue?
Finance Minister Mohammad Aurangzeb mentioned last month that the government plans to launch a Panda bonds affected by the yuan this year. When asked about the possibility of issuing Islamic Panda Bonds, the ATA replied that these bonds provide a unique and modern opportunity for Pakistan. In view of the growing global interest in Islamic finances, Islamic Panda Bonds can play an important role in financing Green Infrastructure. These Sukuk can fill an important gap in financing for projects that follow the principles of Shariah and the goals of global stability. He said that by issuing Chinese bonds according to Sharia, Pakistan can attract investment from the global pond of Islamic investors, especially those who value investment according to moral and Shariah.
By improving digital capabilities, promoting growth by increasing physical impressions
In 2024, the Ben -Islam opened 100 new branches in Pakistan, which increased its network to more than 540 branches across the country. The bank is setting up digital banking centers that are equipped to provide fast, technology -powered services. It also launched Pakistan’s first complete digital Islamic banking experience ‘AIK’. With the help of AIK, users can open accounts via their phone, manage funds, and have fully accessed services, which can eliminate the need to visit the branch.
According to the ATA, the purpose of the bank is to increase its development by increasing its physical presence, enhancing digital capabilities and developing strategic partnerships. It is also producing modern products for agriculture and small and medium -sized businesses such as sectors. Innovation is a key component of the bank’s ambitions, which focuses on digital change. The bank is slowly connecting artificial intelligence to its work at all levels, including customer service, product development, marketing and more.
