Growth and innovation in Islamic
Banking highlighted at conference
The conference titled ‘CotIB - Conversion to Islamic Banking’ held on
Tuesday highlighted the significant potential of Islamic banking in driving
economic growth, financial inclusion, and social development.
Organized by New World Concepts in collaboration with Learning Nest, the
event brought together industry leaders, policymakers, and experts to explore
various aspects of transitioning to Islamic banking. Key topics included
governance, capacity building, innovation, and social finance.
The conference featured discussions on the challenges and opportunities of
the conversion process, promoting a collaborative environment for sharing
knowledge and best practices.
Syed Samar Hasnain, Executive Director of the Islamic Finance Group at the
State Bank of Pakistan (SBP), addressed attendees, emphasizing the need for
Pakistan’s banking sector to become Shariah-compliant by 2027. He stressed the
importance of a well-structured plan and coordinated efforts from all
stakeholders to achieve this goal. Hasnain noted that Islamic banking’s share
in the overall banking sector has significantly increased due to SBP-led
initiatives, including the development of legal and regulatory frameworks and
the promotion of participatory financing methods.
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Zafar Masud, Chairman of the Pakistan Banks Association, called for clear
regulatory guidelines, effective risk management, and transparent reporting to
build trust and confidence in the Islamic banking sector.
Nadeem Hussain, Founder of Raqami Islamic Digital Bank, delivered the
keynote speech, underscoring the importance of robust governance frameworks to
ensure the integrity and stability of Islamic financial institutions.
Herman Hardynata Ahmad, Consul General of Malaysia, showcased Malaysia’s
achievements in developing its Islamic banking sector. Jumadi Kadir, Group
Chief Shariah at SME Bank Berhad, Malaysia, presented a case study on the
conversion of Malaysian banks from conventional to Islamic.
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The conference featured sessions on capacity building, investing in human capital,
product innovation, and social finance, with a focus on Islamic Social Finance
and aligning with UN Sustainable Development Goals.
Ahmed Ali Siddiqi, Director of the Center for Excellence in Islamic Finance
at IBA Karachi, concluded the conference by reaffirming the commitment to
accelerating the conversion process and developing a thriving Islamic banking
ecosystem.
Participants expressed optimism about the future of Islamic finance and its
potential to enhance the economic and social well-being of the region.
Source: Urdu Point