The Lahore Chamber of Commerce and Industry (LCCI) has called on the State Bank of Pakistan (SBP) to improve business facilitation measures, ensuring smoother operations for businesses across the country. Mian Abuzar Shad, the president of LCCI, stressed the importance of supporting businesses to drive Pakistan’s economic growth during a meeting with SBP’s Chief Manager, Tariq Riaz. This discussion also highlighted the role of Islamic banking, automation, and the need for fair banking practices to benefit all sectors, including Small and Medium Enterprises (SMEs) and women entrepreneurs.
The Importance of Islamic Banking in Pakistan
Islamic banking has seen growing demand in Pakistan. Mian Abuzar Shad praised the Federal Shariah Court for guiding the country toward a fully Shariah-compliant banking system by 2027. He emphasized that the SBP’s efforts in promoting this transition are timely and align with the nation’s increasing preference for Islamic financial products. Islamic banking can potentially create a more inclusive financial landscape, benefiting businesses and contributing to sustainable economic growth.
Automation: Key to Modernizing Banking in Pakistan | Business Facilitation
One of the critical issues raised by Mian Abuzar Shad was the need for automation within SBP’s processes, particularly in managing banking transactions. Currently, businesses face challenges, including delays and monopolistic practices by commercial banks in the opening of Letters of Credit (LCs). By automating these processes, the SBP can significantly reduce bottlenecks and ensure smoother transactions for businesses.
Shad emphasized that this step is vital for creating a more transparent and efficient financial system, thus fostering a business-friendly environment in Pakistan. Businesses, large and small, must operate in an ecosystem that supports rapid growth, especially amid increasing international competition.
Supporting SMEs and Women Entrepreneurs | Business Facilitation
In his address, Mian Abuzar Shad lauded SBP’s initiatives that support women entrepreneurs and SMEs. Which are crucial drivers of Pakistan’s economic engine. These sectors often face challenges in accessing finance, making it difficult for them to scale their operations.
He also welcomed the SBP’s decision to collaborate with leading banks in setting up banking kiosks in underserved areas, which will facilitate easier access to banking services for these small businesses. Such steps ensure that even the most remote entrepreneurs have the tools they need to thrive.
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Call for Reform in Taxation and Digital Economy
In addition to urging the SBP to modernize its banking practices, the LCCI chief also called for taxation reforms. Shad stressed the importance of transitioning to a digitized economy, which would make Pakistan’s financial system more transparent and efficient. Digitalization of the economy not only reduces paperwork but also streamlines tax collection, ensuring that businesses can operate more freely and focus on growth rather than bureaucratic hurdles.
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Conclusion | Business Facilitation
The meeting between LCCI President Mian Abuzar Shad and SBP’s Chief Manager Tariq Riaz highlights the critical role of business facilitation in driving Pakistan’s economic growth. The focus on Islamic banking, automation, and support for SMEs and women entrepreneurs can transform the financial landscape. The collaboration between SBP and the business community is vital to ensuring that businesses have the tools they need to thrive in today’s competitive environment.
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