Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking

Muhammad Faisal Umar; Qamber Ali; Salmanuddin Khan; Bilal Khan Khoso; Hatim Najmee; Muhammad Aliyan; Hammad Arshad; Talha Asfand Yar; Saima Liaquat

doi:doi:10.11648/j.innov.20220303.12

Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking

Muhammad Faisal Umar, Qamber Ali, Salmanuddin Khan, Bilal Khan Khoso, Hatim Najmee, Muhammad Aliyan, Hammad Arshad, Talha Asfand Yar, Saima Liaquat

Published in Innovation (Volume 3, Issue 3)

Received: 18 September 2022 Accepted: 19 October 2022 Published: 28 October 2022

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Abstract

The purpose of this study is to understand the impact of Foreign Remittance and Roshan Digital Accounts on the Pakistan’s economy and how Roshan Digital Accounts (RDAs) could be used to reduce poverty and initiate a positive economic growth on Pakistan’s economy as far as remittances are considered to be one of major factor in economic growth as more people are willing to send foreign currency and have trade agreements signed due to country stability and economic growth increase chances of trade and reduces crime rate because if foreign currency reserves are more and more investment comes in Pakistan which results in improvement of GDP and increase in job rate so therefore there should be a smooth and trustworthy relationship between foreign investors and country politicians as far as research is concerned. Roshan Digital Accounts are used to increase inflow of cash and investment for foreign Pakistani in order to facilitate them from abroad. If business tie ups are increased, proper control and trust environment builds a positive relationship in country growth and development. Pakistani people living in abroad needs to send their beloved ones including family, friends plus they also want to participate in social welfare causes in form of charity etc. Our study is applied quantitative methodology in which we developed a questionnaire in order to collect data through sampling for this study which aimed to find out the views and opinions of the overseas as well as local residents who are relative to overseas Pakistanis. The findings of this study showed the relationship between RDAs and the economy.

Published in	Innovation (Volume 3, Issue 3)
DOI	10.11648/j.innov.20220303.12
Page(s)	79-86
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2022. Published by Science Publishing Group

Keywords

Economic Growth, Remittances, Foreign Direct Investment, Roshan Digital Accounts, GDP, Foreign Inflows, Non-Resident Pakistanis

References

[1]	Micro Pakistani (2022). https://macropakistani.com/what-is-the-economic-impact-of-the-pakistani-diaspora/.
[2]	State Bank of Pakistan (2022). https://www.sbp.org.pk/rda/index.html.
[3]	Pt Profit (2022). https://profit.pakistantoday.com.pk/2022/07/18/pakistan-receives-highest-ever-remittances-over-31bn-in-fy22/
[4]	Shafiq et al., (2012); Driffield and Jones, 2013; Nwaogu and Ryan, (2015); et al., 2011; Khathlan, 2012; a significant investigation into the factors that influence Kock and Sun (2011).
[5]	Foreign Remittance s, Foreign Direct Investment, Foreign Imports and Economic Growth in Pakistan: A Time Series Analysis, Muhammad Tahir, Imran Khan, Afzal Moshadi Shah.
[6]	The impact of remittances on economic growth: An econometric model Dietmar Meyer, Adela Shera.
[7]	COVID-19: Impact of SBP’s Measures as of May 17 – June 17, (2021). Economic Letter (a weekly publication of The Institute of Bankers Pakistan).
[8]	How Roshan Digital Accounts flows affect balance of payments Statistics? Arshad Riaz, Syed Kamran Najam, Wajid Ali, Shamsul Arfeen (2022).
[9]	Roshan Digital Plan: An attempt to revive economy of Pakistan Urooj Aijaz (2021).
[10]	Impact of Foreign Direct Investment, Gross Capital Formation and Exports on GDP of Pakistan, India, Srilanka, and Bangladesh by Hammad Ejaz Khan.
[11]	Do Workers’ Remittances Promote Economic Growth? Author: Michael T. Gapen, Mr. Ralph Chami, Mr. Peter J Montiel, Mr. Adolfo Barajas, and Connel Fullenkamp.
[12]	ProPakistani, https://propakistani.pk/2022/05/09/roshan-digital-account-remittances-surge-over-4-billion-by-april-end/
[13]	Pakistan Stock exchange https://www.psx.com.pk/blog/index.php/2021/10/23/rda-a-catalyst-for-growth/
[14]	Investopedia, https://www.investopedia.com/terms/r/remittance.asp
[15]	Wikipedia (2022), https://en.wikipedia.org/wiki/Solow%E2%80%93Swan_model.
[16]	Ajefu, J. B., and J. Ogebe. (2019). Migrant Remittances and Financial Inclusion among Households in Nigeria. Oxford Development Studies Vol. 47 (3): pg 319–335.

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APA Style

Muhammad Faisal Umar, Qamber Ali, Salmanuddin Khan, Bilal Khan Khoso, Hatim Najmee, et al. (2022). Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation, 3(3), 79-86. https://doi.org/10.11648/j.innov.20220303.12

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ACS Style

Muhammad Faisal Umar; Qamber Ali; Salmanuddin Khan; Bilal Khan Khoso; Hatim Najmee, et al. Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation. 2022, 3(3), 79-86. doi: 10.11648/j.innov.20220303.12

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AMA Style

Muhammad Faisal Umar, Qamber Ali, Salmanuddin Khan, Bilal Khan Khoso, Hatim Najmee, et al. Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation. 2022;3(3):79-86. doi: 10.11648/j.innov.20220303.12

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@article{10.11648/j.innov.20220303.12,
  author = {Muhammad Faisal Umar and Qamber Ali and Salmanuddin Khan and Bilal Khan Khoso and Hatim Najmee and Muhammad Aliyan and Hammad Arshad and Talha Asfand Yar and Saima Liaquat},
  title = {Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking},
  journal = {Innovation},
  volume = {3},
  number = {3},
  pages = {79-86},
  doi = {10.11648/j.innov.20220303.12},
  url = {https://doi.org/10.11648/j.innov.20220303.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.innov.20220303.12},
  abstract = {The purpose of this study is to understand the impact of Foreign Remittance and Roshan Digital Accounts on the Pakistan’s economy and how Roshan Digital Accounts (RDAs) could be used to reduce poverty and initiate a positive economic growth on Pakistan’s economy as far as remittances are considered to be one of major factor in economic growth as more people are willing to send foreign currency and have trade agreements signed due to country stability and economic growth increase chances of trade and reduces crime rate because if foreign currency reserves are more and more investment comes in Pakistan which results in improvement of GDP and increase in job rate so therefore there should be a smooth and trustworthy relationship between foreign investors and country politicians as far as research is concerned. Roshan Digital Accounts are used to increase inflow of cash and investment for foreign Pakistani in order to facilitate them from abroad. If business tie ups are increased, proper control and trust environment builds a positive relationship in country growth and development. Pakistani people living in abroad needs to send their beloved ones including family, friends plus they also want to participate in social welfare causes in form of charity etc. Our study is applied quantitative methodology in which we developed a questionnaire in order to collect data through sampling for this study which aimed to find out the views and opinions of the overseas as well as local residents who are relative to overseas Pakistanis. The findings of this study showed the relationship between RDAs and the economy.},
 year = {2022}
}

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TY  - JOUR
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AU  - Muhammad Faisal Umar
AU  - Qamber Ali
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T2  - Innovation
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PB  - Science Publishing Group
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AB  - The purpose of this study is to understand the impact of Foreign Remittance and Roshan Digital Accounts on the Pakistan’s economy and how Roshan Digital Accounts (RDAs) could be used to reduce poverty and initiate a positive economic growth on Pakistan’s economy as far as remittances are considered to be one of major factor in economic growth as more people are willing to send foreign currency and have trade agreements signed due to country stability and economic growth increase chances of trade and reduces crime rate because if foreign currency reserves are more and more investment comes in Pakistan which results in improvement of GDP and increase in job rate so therefore there should be a smooth and trustworthy relationship between foreign investors and country politicians as far as research is concerned. Roshan Digital Accounts are used to increase inflow of cash and investment for foreign Pakistani in order to facilitate them from abroad. If business tie ups are increased, proper control and trust environment builds a positive relationship in country growth and development. Pakistani people living in abroad needs to send their beloved ones including family, friends plus they also want to participate in social welfare causes in form of charity etc. Our study is applied quantitative methodology in which we developed a questionnaire in order to collect data through sampling for this study which aimed to find out the views and opinions of the overseas as well as local residents who are relative to overseas Pakistanis. The findings of this study showed the relationship between RDAs and the economy.
VL  - 3
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Author Information

Muhammad Faisal Umar

College of Business Management, Institute of Business Management, Karachi, Pakistan
Qamber Ali

Department of Business Administration, Iqra University, Karachi, Pakistan
Salmanuddin Khan

Department of Business Administration, Iqra University, Karachi, Pakistan
Bilal Khan Khoso

Department of Business Administration, Iqra University, Karachi, Pakistan
Hatim Najmee

Department of Business Administration, Iqra University, Karachi, Pakistan
Muhammad Aliyan

Department of Business Administration, Iqra University, Karachi, Pakistan
Hammad Arshad

Department of Business Administration, Iqra University, Karachi, Pakistan
Talha Asfand Yar

Department of Business Administration, Iqra University, Karachi, Pakistan
Saima Liaquat

Department of Economics and Management Sciences, Lahore, Pakistan

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APA Style

Muhammad Faisal Umar, Qamber Ali, Salmanuddin Khan, Bilal Khan Khoso, Hatim Najmee, et al. (2022). Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation, 3(3), 79-86. https://doi.org/10.11648/j.innov.20220303.12

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ACS Style

Muhammad Faisal Umar; Qamber Ali; Salmanuddin Khan; Bilal Khan Khoso; Hatim Najmee, et al. Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation. 2022, 3(3), 79-86. doi: 10.11648/j.innov.20220303.12

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AMA Style

Muhammad Faisal Umar, Qamber Ali, Salmanuddin Khan, Bilal Khan Khoso, Hatim Najmee, et al. Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking. Innovation. 2022;3(3):79-86. doi: 10.11648/j.innov.20220303.12

Copy | Download

@article{10.11648/j.innov.20220303.12,
  author = {Muhammad Faisal Umar and Qamber Ali and Salmanuddin Khan and Bilal Khan Khoso and Hatim Najmee and Muhammad Aliyan and Hammad Arshad and Talha Asfand Yar and Saima Liaquat},
  title = {Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking},
  journal = {Innovation},
  volume = {3},
  number = {3},
  pages = {79-86},
  doi = {10.11648/j.innov.20220303.12},
  url = {https://doi.org/10.11648/j.innov.20220303.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.innov.20220303.12},
  abstract = {The purpose of this study is to understand the impact of Foreign Remittance and Roshan Digital Accounts on the Pakistan’s economy and how Roshan Digital Accounts (RDAs) could be used to reduce poverty and initiate a positive economic growth on Pakistan’s economy as far as remittances are considered to be one of major factor in economic growth as more people are willing to send foreign currency and have trade agreements signed due to country stability and economic growth increase chances of trade and reduces crime rate because if foreign currency reserves are more and more investment comes in Pakistan which results in improvement of GDP and increase in job rate so therefore there should be a smooth and trustworthy relationship between foreign investors and country politicians as far as research is concerned. Roshan Digital Accounts are used to increase inflow of cash and investment for foreign Pakistani in order to facilitate them from abroad. If business tie ups are increased, proper control and trust environment builds a positive relationship in country growth and development. Pakistani people living in abroad needs to send their beloved ones including family, friends plus they also want to participate in social welfare causes in form of charity etc. Our study is applied quantitative methodology in which we developed a questionnaire in order to collect data through sampling for this study which aimed to find out the views and opinions of the overseas as well as local residents who are relative to overseas Pakistanis. The findings of this study showed the relationship between RDAs and the economy.},
 year = {2022}
}

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TY  - JOUR
T1  - Analysis and Impact of Foreign Remittance and Roshan Digital Accounts on Pakistan’s Economy - How to Reduce Poverty and Develop Economic Growth through Islamic Banking
AU  - Muhammad Faisal Umar
AU  - Qamber Ali
AU  - Salmanuddin Khan
AU  - Bilal Khan Khoso
AU  - Hatim Najmee
AU  - Muhammad Aliyan
AU  - Hammad Arshad
AU  - Talha Asfand Yar
AU  - Saima Liaquat
Y1  - 2022/10/28
PY  - 2022
N1  - https://doi.org/10.11648/j.innov.20220303.12
DO  - 10.11648/j.innov.20220303.12
T2  - Innovation
JF  - Innovation
JO  - Innovation
SP  - 79
EP  - 86
PB  - Science Publishing Group
SN  - 2994-7138
UR  - https://doi.org/10.11648/j.innov.20220303.12
AB  - The purpose of this study is to understand the impact of Foreign Remittance and Roshan Digital Accounts on the Pakistan’s economy and how Roshan Digital Accounts (RDAs) could be used to reduce poverty and initiate a positive economic growth on Pakistan’s economy as far as remittances are considered to be one of major factor in economic growth as more people are willing to send foreign currency and have trade agreements signed due to country stability and economic growth increase chances of trade and reduces crime rate because if foreign currency reserves are more and more investment comes in Pakistan which results in improvement of GDP and increase in job rate so therefore there should be a smooth and trustworthy relationship between foreign investors and country politicians as far as research is concerned. Roshan Digital Accounts are used to increase inflow of cash and investment for foreign Pakistani in order to facilitate them from abroad. If business tie ups are increased, proper control and trust environment builds a positive relationship in country growth and development. Pakistani people living in abroad needs to send their beloved ones including family, friends plus they also want to participate in social welfare causes in form of charity etc. Our study is applied quantitative methodology in which we developed a questionnaire in order to collect data through sampling for this study which aimed to find out the views and opinions of the overseas as well as local residents who are relative to overseas Pakistanis. The findings of this study showed the relationship between RDAs and the economy.
VL  - 3
IS  - 3
ER  -

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