KARACHI: A two-day international conference on Islamic finance will be held in Pakistan’s commercial capital from March 19, the organizers said on Saturday.
The World Islamic Finance Forum will bring together academics, researchers and bankers from various parts of the world.
They will discuss innovative ideas to overcome challenges to the Islamic banking industry, and figure out new ways to promote its products.
“Overall, 17 global and 15 local institutions will be represented by industry experts on speaker panels,” said Ahmed Ali Siddiqui, who works with the Center for Excellence in Islamic Finance at the Institute of Business Administration (CEIF-IBA).
Pakistan’s Islamic banking industry is underdeveloped, even though it has been around for two decades.
Dr. Ishrat Hussain, former governor of the State Bank of Pakistan and chairman of the CEIF-IBA, called for government support to promote Islamic banking in the country. He stressed the importance of establishing a separate Islamic unit in the Finance Ministry.
Hussain said 76 percent of Pakistanis “want to do business within the Shariah-based banking framework, yet the share of Islamic banking has not increased beyond 12 to 13 percent.”
He added: “By holding the World Islamic Finance Forum, we want to tell the world that Pakistan has also played a major role and has a substantial share in Islamic finance.”
Meezan Bank President Irfan Siddiqui said despite considerable progress in the Islamic finance sector, Pakistan is not on the radar of international Islamic banking.
“We need to enhance our efforts to get the share of the Islamic banking industry from 13 percent to 30 percent,” he added.
The World Islamic Finance Forum will bring together academics, researchers and bankers from various parts of the world.
They will discuss innovative ideas to overcome challenges to the Islamic banking industry, and figure out new ways to promote its products.
“Overall, 17 global and 15 local institutions will be represented by industry experts on speaker panels,” said Ahmed Ali Siddiqui, who works with the Center for Excellence in Islamic Finance at the Institute of Business Administration (CEIF-IBA).
Pakistan’s Islamic banking industry is underdeveloped, even though it has been around for two decades.
Dr. Ishrat Hussain, former governor of the State Bank of Pakistan and chairman of the CEIF-IBA, called for government support to promote Islamic banking in the country. He stressed the importance of establishing a separate Islamic unit in the Finance Ministry.
Hussain said 76 percent of Pakistanis “want to do business within the Shariah-based banking framework, yet the share of Islamic banking has not increased beyond 12 to 13 percent.”
He added: “By holding the World Islamic Finance Forum, we want to tell the world that Pakistan has also played a major role and has a substantial share in Islamic finance.”
Meezan Bank President Irfan Siddiqui said despite considerable progress in the Islamic finance sector, Pakistan is not on the radar of international Islamic banking.
“We need to enhance our efforts to get the share of the Islamic banking industry from 13 percent to 30 percent,” he added.
