Over the last three decades, Islamic banking and finance have developed into a full-fledged system and discipline reportedly growing at the rate of 15percent per annum. Today, Islamic financial institutions, in one form or the other, are working in about 75 countries of the world. Pakistan Observer is playing an active role in the promotion of Islamic Banking and Finance in Pakistan.
For the last six years, Pakistan Observer is arranging Round Table Conference (RTC) enabling Islamic Bankers, Professionals, and Regulators to sit under one roof to discuss the issues and problems faced by the industry and measures required to promote Islamic Banking.
To encourage the Islamic Banking sector along with RTC Pakistan Observer has arranged 04 consecutive Round Table Conferences in the year 2014, 2015, 2016 and 2021. All four conferences were presided over by the President of, Islamic Republic of Pakistan, and attended along by high-profile dignitaries i.e. Federal Finance Minister, Governor State Bank of Pakistan, and others.
In these Conferences, Pakistan Observer covered almost all major segments of Islamic Banking such as:
- Best Islamic Auto Finance
- Best Trade Financing
- Best Islamic Home Financing
- Best Islamic Fund Managers
- Best Modaraba Management
- Best Takaful Company
RTC-IV — The Way Forward
In order to sustain the growth of the Islamic Banking industry, it is imperative for both the local and global stakeholders to collaborate and share their experiences to find feasible solutions. RTC-IV is an excellent opportunity for interactions among seasoned bankers and experts to help pave the way forward for creating a conducive environment for the further development of the Islamic Banking Industry. RTC-IV will elevate the tenets of Islamic Banking to a whole new and advanced level.
The conference was moderated by Mr. Sirajuddin Aziz who is the CEO of Group Financial Institutions, Habib Bank, Zurich.
President Islamic Republic of Pakistan, Dr. Arif Alvi graced the occasion as the Chief Guest. Speaking on the occasion, President focused on the importance of Islamic Banking and economic and financial spirit in Islam. He talked about the role of government in promoting and encouraging Islamic Banking in Pakistan. President stressed that modern technology needs to be leveraged in order to faciliate the customer. President Alvi said that banking industry has been facing great challenges globally. He said the banking industry should take into account the society’s interest and welfare in order to encourage prosperity. He said that concentration of capital and accumulation of wealth should be downplayed as they are against the spirit of Islamic Banking.
Governor Sindh Mr. Imran Ismail graced the occasion as the Guest of Honour.
Speakers for the conference included Editor-in-Chief Pakistan Observer Faisal Zahid Malik, Executive Editor Pakistan Observer Gauhar Zahid Malik, Federal Financial Minister Mr. Shaukat Tarin, Advisor to Prime Minister Dr. Ishrat Hussain, Governor State Bank of Pakistan Dr. Reza Baqir, ,President Meezan Bank Limited Mr. Irfan Siddique, CEO Faysal Bank Limited Mr. Yousaf Hussain, Economist and diplomat Shamshad Akhtar and Chairman Shariah Board Sindh Bank Mufti Muhammad Najeeb Khan.
Editor-in-Chief Pakistan Observer, Faisal Zahid Malik highlighted the issues of national importance and threw light on Pakistan Observer’s role in promoting Islamic Banking in the country.
Federal Financial Minister Mr. Shaukat Tarin appreciated the efforts of Pakistan Observer in promoting Islamic Banking and arranging a variety of RTC’s. He talked about the evolution of Islamic Banking all around the globe and emphasized the importance of Islamic finance.
Advisor to Prime Minister Dr. Ishrat Hussain paid tribute to the memory of Late Zahid Malik who organized the first RTC on Islamic Banking in Pakistan. He talked about the potential of Islamic finance and its growth in Pakistan.
President Meezan Bank Limited Mr. Irfan Siddique shed light on the formation of Islamic Finance Association and Shariah Association to integrate the spirit of Islam in banking sector.
CEO Faysal Bank Limited Mr. Yousaf Hussain shared his plans of transforming Faysal Banks from conventional banking to Islamic Banking.
Economist and diplomat Shamshad Akhtar spoke on the subject of future expansion of Islamic Finance and incorporating Shariah principles as part of the program.