By Rafiq Vayani
DUBAI: The Professionals Network organises Islamic Banking Conference & Expo 2020 in Karachi Marriott Hotel on Thursday, 26th November. While addressing at the Conference Federal Minister of State Ali Muhammad Khan stressed on eliminating RIBA from Pakistan’s Economy and our financial supply chain. He said the vision of Prime Minister Imran Khan and Quaid e Azam Mohammed Ali Jinnah is an Interest Free Economy which is only possible to follow the Prophet Mohammed (peace be upon him) teaching and following the model of Riasat E Madina.
Deputy Governor State Bank of Pakistan Sima Kamil said that the growth of low cost housing is the solution to acute Economic problems of the masses. While sympathizing with the deprived and underprivileged people of the society she stressed problems of their housing. Islamic Banking and finance can play a vital role while offering interest free housing financing facilities to them.
Irfan Siddiqui, President & CEO of Meezan Bank Limited said that keeping in view the high public demand and growth of Islamic finance the midterm vision for Islamic banking is to achieve 50 percent market share in the country. “With an aim to attract more deposits and customers, Islamic banking industry needs to deliver higher service quality to its customers while ensuring Shariah compliance and use of technology”.
Syed Amir Ali said that there is a growing need and demand for interest-free solutions to meet the legitimate financial needs of businesses and individuals. “Islamic banking is definitely a way forward. If there is a demand for Islamic financial institutions, we will be there to fulfill it, he remarked.
Mr. Mehmood Tareen, CEO, TPN, mentioned that The Professionals Network has taken an initiative in June 2012 to create the awareness of Islamic Banking & Finance among the corporate sector as well as in the masses. With the support of various organizations including State Bank Of Pakistan, Securities Exchange Commission of Pakistan, Institute of Business Administration IBA, Riphah University Islamabad, Shaikh Zaiyed Islamic Centre, ICMA, Ernest , Young and others we organized an event called Pakistan’s First Expo Conference on Islamic Finance. And now Alhamdulillah we are into the 9th year of this annual conference and every year the response from the relevant authorities and stake holders are getting enormous.
Mr. Ateeq Ur Rehman (Economic & financial Analyst) at the inaugural session emphasized on Islamic Banking & Finance to increase their contributions towards health services, education, from drought relief to development. He said by 2025 to 2030, 80% of the world extreme poor will live in areas defined as fragile — the majority areas will be Muslim countries or states with significant Muslim population, therefore Islamic social finance or CSR or Charity could be the answer for their pressing humanitarian issues.
