Islamic Banking’s future envisioned at ICIBF 2022

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ISLAMABAD, NOV 2 /DNA/ – Syed Samar Hasnain, ED, Development Finance Group, SBP was the Guest of Honor at the 6th International Conference on Islamic Banking and Finance (ICIBF). It was organized by the Accounting and Finance Department at the Institute of Business Management (IoBM) on November 2, 2022. The two-day conference was held under the patronage of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Bahrain.

During his Welcome Address, President IoBM, Talib Karim suggested that educational institutions should collaborate with the corporate sector and other academic institutions. Dr. Muhammad Imran, Group Head of Islamic Banking, Bank Alfalah, shared that Islamic finance works on the principles of cooperation and generosity in contrast with conventional banking’s concepts of concentration of wealth and its inequitable distribution. Zahid Ahmed, CEO, Al Baraka Bank Pakistan called for the stakeholders to pursue Islamic banking’s sound ideologies. “The association between industry and academia will be the game changer for Pakistan”, remarked Syed Amir Ali, President, and CEO, BankIslami Pakistan.

Ahmed Ali Siddiqui, SEVP and Head, Product Development and Shariah Compliance, Meezan Bank commented that financial inclusion through technology must be used to promote Islamic banking. Syed Samar Hasnain reiterated that financial institutions are important for Pakistan’s economic growth. He shared the five pillars of Islamic banking and provided an introspective analysis of the present state of Islamic banking in Pakistan. Chancellor IoBM, Bashir Janmohammad acknowledged the efforts by Islamic banks in Pakistan and suggested that Shariah-compliant products should be marketed accordingly to create awareness. While addressing online, Omar Mustafa Ansari, Secretary-General, AAOIFI, Bahrain, said that the government’s support and rising public demand will increase the share of Islamic banking in Pakistan. He further said that Shariah-compliance products are limited and must be augmented. IoBM also inaugurated the Center for Islamic Business and Finance during ICIBF-2022. The Global Islamic Finance Report 2022 by the Cambridge Institute of Islamic Finance (Cambridge IIF), UK was also launched. Prof. Dr. Humayon Dar, Director General, Cambridge IIF, UK, presented the report and keynote address.

As many as 40 national and international speakers, Presidents and CEOs of banks, Shariah advisors, and academicians were invited to share key insights regarding the potential, challenges, and developments of Islamic banking in Pakistan. The event was attended by. Dr. Imam Uddin, HoD, Accounting and Finance Department, IoBM, organized the conference with his inspiring team of faculty and students.