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From 2017 to 2022, Pakistan got a lot of money, around $150 billion, sent by people living in other countries. This made Pakistan the fifth country for overseas remittances in 2022. The information was shared at a conference called the 2nd Albaraka Regional Conference on home remittances.
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The Saleh Kamel Islamic Economy Database said that in 2022, Pakistan was ranked fifth for receiving money sent by people from other countries. In that year alone, Pakistan got $29.9 billion, showing that many people from outside the country sent money back home.
These sent-back funds are very important for Pakistan’s economy. They make up 33% of all the things Pakistan buys from other countries. In 2022, this made Pakistan the second country in the Organization of Islamic Cooperation (OIC) and the fifth country in the world to get a lot of money from people abroad.
To talk more about why this money is important, the AlBaraka Forum for Islamic Economy organized a conference with the help of the Islamic Chamber of Commerce and Development (ICCD). The conference talked about how governments and banks can work together to make sure the process of sending money is safe and follows the law.
Yousef Khalawi, who is in charge of the AlBaraka Forum for Islamic Economy, talked about how Islamic banks can help people use their money in a good way, like investing in local businesses and programs that help the community.
During the conference, experts and leaders, including those from the Organization of Islamic Cooperation (OIC) and the State Bank of Pakistan (SBP), talked about making rules and plans for sending money back home.
The main goal was to make the process of sending money better so that it helps the country grow economically. The people at the conference said that they need new and smart ideas to make the money sent back home have a better impact on Pakistan’s economy. The conference brought together important people to talk about using Islamic financial tools to reach the Sustainable Development Goals (SDGs) and make plans for sending money that support the country’s long-term development goals.