ISLAMABAD: Adviser on Finance and Revenue Dr. Abdul Hafeez Shaikh has emphasized the potential of Islamic Finance to help developing countries cope with the global financial challenges.

Addressing12th International Conference on Islamic Economics and Finance in Istanbul through video link on Sunday, he said Islamic Banking is growing at a fast pace in Pakistan.

He said global Islamic Finance industry is worth 2.4 trillion dollars and there are 1,400 Islamic Finance institutions in 60 countries. In Pakistan, growth of Islamic Finance coincides with global growth into this sector.

Dr. Abdul Hafeez Shaikh said corona virus has engulfed the whole world and global GDP is going to contract by 3 to 4 percent. In Pakistan, our GDP is taking a hit of about 3 percent. He said our exports and remittances have adversely been affected with manufacturing and other sectors also hurt.

The Adviser said the government established a corona relief fund and transferred cash to 16 million vulnerable families to provide them support in this difficult time.

Dr. Hafeez Shaikh said Pakistan and Turkey enjoy very cordial and pleasant relations. These relations cover politics, trade, commerce and attachment of our people towards each other. He said we are trying to promote business to business relations and galvanize our economies to further strengthen bilateral relations.

The Adviser on Finance expressed confidence that expertise shared in this forum will benefit the huge potential of Islamic Finance to stimulate economic growth.

Earlier President Recep Tayyip Erdogan told the 12th International Conference on Islamic Economics and Finance via video link that to finance long-term large infrastructure investments, the use of products such as sukuk should be expanded.