BankIslami, Pakistan’s leading Islamic bank, and Institute of Business Management (IoBM), one of the top academic institutes in the country entered into an agreement to establish a “Center for Islamic Business & Finance” in Karachi recently.
The MoU signing ceremony was held at the main campus of IoBM and was attended by CEO of BankIslami Syed Amir Ali, President IoBM Mr. Talib S. Karim, and other key personnel from both organizations. As part of the arrangement, BankIslami will assume the role of “Knowledge Partner and Founding Sponsor” through which the Bank will assist the Center in different areas such as development, launch and delivery of courses, certifications, programs pertaining to Islamic Banking and Finance.
BankIslami will facilitate academic research being carried out by IoBM faculty and scholars in different areas of Islamic Banking and Finance. Further, the Bank will arrange trainers and speakers for conducting the aforementioned courses, certifications, programs. Further, the students will be able to join BankIslami in their Graduate Trainee and Management Trainee programs which are fast-track entry level positions for budding Islamic Finance enthusiasts.
Commenting on the occasion, Syed Amir Ali gave an optimistic verdict regarding the impact of the Center on the Islamic Banking and Finance landscape in the country. “The Islamic Banking and Finance industry has shown growth of around 20% consistently over the years and currently holds a 19% market share of the Banking Industry. This shows the acceptance of the masses and the potential for career opportunities. Due to the expansive trajectory of Islamic Banking industry, there is a need for Islamic finance professionals in Pakistan and we are welcoming to the top talents of our country to join us in our journey towards “Saving Humanity from Riba”.
I hope this Center bridges the gap between Academics and Industry which results in more skilled and productive human resources.”
Mr. Talib Karim said that Islamic banking and finance are the future, and we should facilitate human resource development. Echoing Syed Amir Ali’s comments, he advised gauging the Center’s performance regularly and continuous monitoring of the action points of the MoU to achieve mutual success.