Pakistan has the potential to attract up to $50 billion in remittances thisyear, thanks to the government’s efforts to streamline the system andcombat illegal hawala/hundi channels. Faisal Niaz Tirmizi, Pakistan’sAmbassador to the UAE, made this announcement as the chief guest at the”Remitlink: Resilient Remittances” event, co-hosted by Dellsons Associate incollaboration with the Embassy of Pakistan in the UAE.
He highlighted that remittance flows are returning to normal due toregulatory measures, including a crackdown on foreign currency smuggling.
Additionally, Usman bin Raees, the COO of Instant Cash, discussed a newsystem that could potentially deliver remittances to recipients’ homes,enhancing security and convenience.
This proposal is under consideration by the State Bank of Pakistan. SalmanHasan Khan, from Dubai Islamic Bank Pakistan, emphasized the importance offinancial institutions in connecting overseas Pakistanis with theirhomeland and promoting Sharia-based financial options.
Read Top Stories
Lastly, Ibrahim Amin, Chairman of Dellsons Associates, stressed theconference’s goal of fostering collaboration among government officials,regulators, and service providers to benefit the Pakistani diaspora.