Lahore: During a meeting with the Chief Manager of the State Bank of Pakistan, Tariq Riaz, at the Lahore Chamber of Commerce and Industry (LCCI), LCCI President Mian Abuzar Shad called on the government and the State Bank to enhance facilitation for the business community to drive economic growth and prosperity in Pakistan.
According to Lahore Chamber of Commerce and Industry, Mian Abuzar Shad stressed the importance of transitioning to Shariah-compliant Islamic banking by 2027, a directive from the Federal Shariah Court, and acknowledged the State Bank of Pakistan’s steps toward this goal. He commended the timely initiatives considering the rising demand for Islamic banking services across the country.
Mian Abuzar also highlighted several areas needing urgent reform, including taxation and the digitization of the economy, which he argued are crucial for modernizing and enhancing the transparency and efficiency of Pakistan’s financial system. Additionally, he pointed out the necessity for the State Bank of Pakistan to automate banking processes to remove hurdles created by the commercial banks’ monopoly on opening Letters of Credit.
The LCCI President emphasized the concerns within the business community regarding the Federal Board of Revenue’s practices and urged the government to address these to foster a more business-friendly environment. He appealed for clearer instructions from the State Bank to commercial banks to ensure full cooperation with LCCI members and treat traders and entrepreneurs as valued partners in economic development.
Mian Abuzar Shad also praised the State Bank’s initiatives aimed at improving financial access for women entrepreneurs and Small and Medium Enterprises (SMEs), describing these efforts as crucial for Pakistan’s economic growth. He welcomed the launch of banking kiosks in collaboration with leading national banks to provide easier access to banking services in underserved areas, promoting financial inclusion.
To strengthen the partnership between the State Bank and the LCCI, Mian Abuzar Shad invited the bank to hold financial awareness sessions at the Lahore Chamber, which would provide LCCI members with critical insights into financial regulations and upcoming reforms.
In response, Chief Manager Tariq Riaz reaffirmed the strong relationship between the State Bank and the LCCI and highlighted several initiatives, including an upcoming awareness program specifically focusing on SMEs and women entrepreneurs. He also shared plans to introduce financial education into the school curriculum for grades 9 and 10 as part of a broader initiative to improve financial literacy and create a financially aware and responsible population.