Pakistan has received a substantial $150 billion in remittances from 2017 to 2022, securing its position as the fifth-highest remittance-receiving country in 2022. This noteworthy information was shared during the 2nd Albaraka Regional Conference on home remittances, held recently.
According to the Saleh Kamel Islamic Economy Database, Pakistan ranked fifth among the top countries receiving remittances in 2022. Specifically, in the same year, the country attracted $29.9 billion in remittances, signifying its significance as a major destination for money sent by overseas Pakistanis.
These remittances play a pivotal role in Pakistan’s economy, constituting 33% of the country’s total imports. This ranking placed Pakistan second among OIC (Organization of Islamic Cooperation) countries and fifth globally in terms of remittances received in 2022.
To delve into the importance of home remittances, the AlBaraka Forum for Islamic Economy, in collaboration with the Islamic Chamber of Commerce and Development (ICCD), orchestrated the conference. The event underscored the vital role of collaboration between governments and financial institutions in establishing secure and legal channels for remittances.
Yousef Khalawi, the secretary-general of the AlBaraka Forum for Islamic Economy, highlighted the role of Islamic financial institutions in encouraging recipients to invest sustainably in local businesses and welfare programs.
Distinguished by discussions from experts and leaders, including representatives from the Organisation of Islamic Cooperation (OIC) and the State Bank of Pakistan (SBP), the conference aimed to provide policy frameworks and future outlooks for home remittances.
The focus was on streamlining remittance flows to contribute to sustainable economic growth. The experts and stakeholders at the conference emphasized the need for innovative strategies to enhance the positive impact of remittances on Pakistan’s national economy. The event brought together key figures to discuss strengthening Islamic finance tools to achieve Sustainable Development Goals (SDGs) and align remittance strategies with sustainable development objectives.
