Pakistan got $150 billion in remittances over five years

Pakistan has seen a significant influx of remittances totaling $150 billion from 2017 to 2022, securing its position as the fifth-largest recipient of remittances in 2022. This notable achievement was highlighted during the recent 2nd Albaraka Regional Conference on home remittances.

As per the Saleh Kamel Islamic Economy Database, Pakistan ranked fifth globally in remittance receipts in 2022, attracting $29.9 billion during the same year. This underscores its importance as a key destination for funds sent by overseas Pakistanis.

These remittances play a crucial role in Pakistan’s economy, constituting 33% of the country’s total imports. This places Pakistan second among OIC countries and fifth globally in terms of remittances received in 2022.

The conference, organized by the AlBaraka Forum for Islamic Economy in collaboration with the Islamic Chamber of Commerce and Development (ICCD), aimed to shed light on the significance of home remittances. It emphasized the vital role of cooperation 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, emphasized the role of Islamic financial institutions in encouraging recipients to invest sustainably in local businesses and welfare programs.

Featuring discussions from experts and leaders, including representatives from the Organisation of Islamic Cooperation (OIC) and the State Bank of Pakistan (SBP), the conference provided insights into policy frameworks and future prospects for home remittances.

The focus was on streamlining remittance flows to foster sustainable economic growth. Experts and stakeholders emphasized the need for innovative strategies to maximize the positive impact of remittances on Pakistan’s national economy. The event served as a platform for key stakeholders to discuss strengthening Islamic finance tools to achieve Sustainable Development Goals (SDGs) and align remittance strategies with sustainable development objectives.

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