GLOBAL LEADERS SET TO ADDRESS WORLD ISLAMIC ECONOMIC FORUM

2330

Pakistan Observer to hold RTC on Islamic Banking in Karachi

Zahid Malik

Tuesday, October 29, 2013 – London—Seventeen world leaders, including the Prime Minister of Pakistan, Mian Muhammad Nawaz Sharif, are in this mega city to address the 9th World Islamic Economic Forum. London, the first non-Muslim capital to host the prestigious event, has surprisingly become a leading centre of Islamic banking. The Islamic finance sector is estimated to be worth £1.2 trillion and is expected to reach £1.6 trillion by 2015. So far, London has attracted more than £22 billion in investment in the name of Islamic banking..

The participation of US-returned Pakistan’s Prime Minister and the leadership of the Finance Ministry and the banking industry is a good omen and they may possibly get somewhat inspired by the proceedings of the magnificent Forum and may, ultimately, devise a strategy to turn Pakistan into a centre of the much-flourishing Islamic banking too.

Among other high-profile leaders who will address the Forum are Prime Minister of Malaysia, Mr.Najib Abdul Razak, Sultan Hassanal Bolkiah of Brunei, King Abdullah of Jordan, President Hamid Karzai of Afghanistan, Deputy Prime Minister of Turkey Ali Babacan and a senior Cabinet Minister from UK Government.

The Mayor of London, Mr. Boris Johnson, is a co-host of the WIFE which, primarily, is a Malaysia-funded mega event.

Pakistan Observer understands from a spokesman of the Forum that London aims to win bigger slice of the thriving Islamic finance market.

Other prominent speakers and participants attending the Forum include more than 10 ministers and more than 1000 CEOs, academics, scholars, professionals, corporate managers and business leaders.

HRH, the Prince of Wales will grace the Gala Dinner and deliver a special address as Guest of Honour tomorrow.

My first reaction after having gone through the Forum’s elaborate and well-orchestrated agenda and London’s maneuvering to amass huge wealth of the Muslim world was: where Pakistan stands in the rising worldwide phenomenon of Islamic Banking? After having discussion with some of the finance managers, Pakistan Observer has undertaken to hold a Round Table Conference (RTC) on Islamic banking in Karachi in December this year.