» » 5th Islamic finance conference : Experts express commitment for interest-free banking

KARACHI: The 5th 'Islamic Finance, Banking and Takaful Conference and Expo', organised by The Professionals Network, concluded with the commitment and recommendation to get free from Ribah based Banking and adopt Islamic Financial System, interest free banking and takaful.

Securities & Exchange Commission of Pakistan Chairman and chief guest of the occasion Zafar Hijazi said that he is impressed by the range of products and services displayed at the platform, adding that SECP has set a roadmap for the promotion of Islamic finance in Pakistan. "SECP aims at enhancement of Shariah-compliance in the capital market of Pakistan by restructuring and reorganising the Islamic capital market. The commission is centralising the Shariah related capital market activities, introduction of Shariah regulation for takaful, modarabas, Islamic mutual funds, Islamic pension funds, Islamic REITs, Islamic products and instruments, Shariah-complaint (non-financial) and other Islamic financial institutions," he added.

State Bank of Pakistan Deputy Governor Riaz Riazuddin, during his concluding speech, said Islam, being the complete religion, provides guidelines on every aspect of life, especially in affairs related to business. "There are perception issues when it comes to comparing Islamic banking and conventional banking, which we need to work on comprehensively," he added. He addressed the issues that are being faced by regulators in connecting with Islamic financial institutions and urged on the need of capacity building training. He said that further such platforms could bridge the gap between regulators and end-users.

Karachi Chamber of Commerce and Industry (KCCI) President Younus Muhammad Bashir requested the regulators to do more in creating the awareness of ribah-free banking and to eliminate the interest-based banking system in the country. He offered his services and the platform of LCCI for all kind of support in this regard. He termed the event a significant development in Islamic financing.

Al Baraka Bank CEO Shafqaat Ahmed spoke on the topic of enterprise risk management for Islamic banks. He stressed the need of more specific rules and regulations for Islamic banks by the regulators in order to get the confidence of corporate customers and for banks to extend the loans to SME's as they are the main source of business enhancement.

SBP Executive Director Syed Samar Husnain also addressed the gathering in the inaugural session. Other prominent speakers included Al Meezan Investment CEO Mohammad Shoaib, NAFA Funds CEO Dr Amjad Waheed, First Habib Modara CEO Muhammad Shoaib Ibrahim, Primus Investment CEO Ahmed Ateeq, ABL Asset Management CEO Farid Ahmed Khan and various renowned Islamic scholars and finance experts.

The conference was well attended by the scholars, researchers, Shariah advisors, group heads of Islamic banking, representatives of State Bank of Pakistan/SECP/KCCI/FPCCI, Corporations, Modarba/Mutual Funds/Takaful, and students.

The Professionals Network CEO Mehmood Tareen thanked the authorities, regulators , experts of Islamic finance, print and electronic media and valuable participants for their outstanding support and assistance by making this mega event as a grand success.  PR

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