Participants of a conference titled ‘CotIB – Conversion to Islamic Banking’ underscored its immense potential in driving economic growth, financial inclusion and social development.
The conference, organized by New World Concepts in collaboration with Learning Nest, was attended by industry leaders, policymakers, and experts to discuss critical aspects of the transition, including governance, capacity building, innovation, and social finance.
Participants engaged in insightful discussions on the challenges and opportunities associated with the conversion process, fostering a collaborative environment for knowledge sharing and best practices.
Executive Director, Islamic Finance Group, State Bank of Pakistan, Syed Samar Hasnain, speaking at the conference, said that Pakistan’s banking sector was required to be Shariah-compliant by 2027 and for achieving the goal requires a well thought out plan and coherent actions from all stakeholders.
SBP aimed to continue leading the transformation towards a Shariah-compliant banking system, he said adding that Islamic banking’s share in the overall banking industry has increased manifold over the years due to SBP-led initiatives including the development of legal, regulatory, and supervisory frameworks, as well as the promotion of participatory modes of financing.
Chairman Pakistan Banks Association Zafar Masud emphasized the need for clear regulatory guidelines, effective risk management practices, and transparent reporting to build trust and confidence in the Islamic banking sector.
Nadeem Hussain, Founder, Raqami Islamic Digital Bank delivered the keynote speech and highlighted the importance of robust governance frameworks in ensuring the integrity and stability of Islamic financial institutions.
Consul General of Malaysia, Herman Hardynata Ahmad highlighted the achievements of Malaysia in developing the Islamic banking sector while Group Chief Shariah, SME Bank Berhad, Malaysia Jumadi Kadir, presented a case study of Malaysian banks conversion from conventional to Islamic.
Different sessions were held on themes like capacity building, investing in human capital development, product innovation, social finance, Islamic Social Finance and the road to UN SDG Goals.
Director Center for Excellence in Islamic Finance, IBA Karachi, Ahmed Ali Siddiqi, concluded the conference with a renewed commitment to accelerating the conversion process and fostering a thriving Islamic banking ecosystem. Participants expressed optimism about the future of Islamic finance and its potential to contribute to the overall economic and social well-being of the region.— APP
