Khyber-Pakhtunkhwa (K-P) Chief Minister Ali Amin Gandapur has called on overseas Pakistanis to send remittances through the Bank of Khyber, stressing the importance of strengthening financial institutions to ensure economic stability. He made the appeal during the launch of the bank’s Islamic banking service, which aims to provide interest-free banking options in the province.
Gandapur highlighted that a well-structured financial system is vital for the economic progress of both the province and the country. He commended the Islamic banking initiative, noting that it aligns with K-P’s efforts to create a more robust financial ecosystem. “Strengthening our institutions is a priority,” he remarked, emphasizing that these measures would bolster confidence among investors and enhance economic growth.
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The chief minister also pointed to the province’s ongoing economic performance, assuring that K-P was meeting its targets in line with International Monetary Fund (IMF) guidelines. He further announced that investors would receive government incentives, reinforcing the administration’s commitment to boosting economic activity.
Bank of Khyber’s Expansion Plans
At the same event, Bank of Khyber Chairman Ikramullah Khan revealed plans to expand Islamic banking branches across the country, in accordance with the State Bank of Pakistan’s regulations. This expansion is expected to support the growing demand for Islamic banking services in Pakistan.
Addressing Security and Tensions
Gandapur also addressed security issues in the province, revealing that Rs2 billion had been allocated for the installation of CCTV cameras and security checkpoints to improve public safety. He expressed determination to tackle unrest, stating, “We will not back down. Those responsible for unrest will not be spared, and we will root out terrorism completely.”
Touching on the long-standing tensions in Kurram district, Gandapur claimed external forces were exploiting the situation and reaffirmed the government’s commitment to resolving the matter through dialogue and decisive action.
Overseas Remittances on the Rise Despite Political Tensions
The chief minister’s call for remittances comes amid political tensions, as PTI founder Imran Khan recently urged overseas Pakistanis to boycott remittances. Despite this, Pakistan recorded a strong inflow of $3 billion in January 2025, reflecting a 25.2% year-on-year growth. The total remittances from July to January of the fiscal year 2025 reached $20.8 billion, marking a 31.7% increase over the previous year.
Major remittance inflows came from Saudi Arabia, the UAE, the UK, and the US. Analysts, including Sana Tawfiq of Arif Habib Limited, expect the upward trend to continue, further contributing to Pakistan’s economic outlook.
