Page 79 - CMA Journal (Mar-Apr 2025)

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57% identify lack of political will and conventional system resistance

as key barriers to Islamization

The survey reveals that 57% of What is the greatest challenge in transitioning to a fully Islamic economy?
respondents see the lack of
political will (32%) and resistance
25%
from conventional financial Resistance from
systems (25%) as the main ĐŽŶǀĞŶƟŽŶĂů 21%
obstacles to achieving a fully systems /ŵƉůĞŵĞŶƚĂƟŽŶ
Islamic economy. In addition, 21% issues
cited implementation challenges,
while another 21% pointed to
limited public awareness and
education—highlighting the need 21%
Lack of public
for stronger policy commitment, awareness and 32%
institutional support, and public ĞĚƵĐĂƟŽŶ Lack of
engagement. ƉŽůŝƟĐĂů ǁŝůů

80% believe government must lead in Islamization process with clear policies

What role should the government play in A significant 80% of respondents believe the
Islamizing Pakistan’s economy? government should take the lead in the
Islamization process with clear policies,
demonstrating strong support for direct action.
80% Take the lead with Additionally, 31% emphasize the importance of
clear policies education and awareness, while 18% advocate
for government support of private sector
5% Stay neutral and let the market decide efforts. Only 5% favor government neutrality
and market-driven decision-making, showing a
18% Support private broad consensus for proactive involvement
ƐĞĐƚŽƌ ĞīŽƌƚƐ
from the government.
31% &ŽĐƵƐ ŽŶ ĞĚƵĐĂƟŽŶ
and awareness

69% urge faster and more effective islamization of Pakistan’s economy

How do you view the current progress of Islamization in Pakistan’s economy?
The survey reveals that 69% of respondents
believe the Islamization of Pakistan’s economy
needs significant improvement. Of these, 37% 32%
Too
feel the process “needs improvement,” while slow 37%
32% think it is “too slow.” Additionally, 23% find Needs
the process “not effective,” and only 8% improvement
consider the current progress “satisfactory.”
These results indicate widespread concern IMF
about the pace and effectiveness of the
Islamization efforts. 8%
^ĂƟƐĨĂĐƚŽƌLJ
23%
Not
ĞīĞĐƟǀĞ

ICMA’s Chartered Management Accountant, Mar-Apr 2025 77