Tremendous potential for Islamic Banking exists in Pakistan
RECORDER REPORT
KARACHI: Speakers at Seventh Islamic Finance Expo & Conference said that Pakistan holds a tremendous potential for Islamic Banking and all stakeholders are required to work for the fast growth of Islamic Banking.
While addressing the conference Irfan Siddiqui, President & CEO Meezan Bank said that there is need for efficient marketing for the promotion of Islamic Banking in the country. The conference was jointly organized by The Professionals Network and IBA-CEIF in Karachi. Siddiqui informed that presently Islamic Banking have a share of 14 percent in the country’s overall banking and need to be raised. All sections have to work for the promotion of Islamic Banking in Pakistan, he emphasized.
He was also of the opinion that agriculture sector, SMEs, housing industry and low income groups can be extended special attention under Islamic Banking system.
Dr Farrukh Iqbal, Dean & Director, IBA in his key note speech given the examples of other countries that how they are promoting Islamic Banking & Finance in their countries.
He also mentioned about the role of IBA-CEIF in creating the awareness of Islamic Banking & Finance and also the professional development of executives working in financial institutions.
He has observed that Islamic finance is growing globally as the future of Islamic Banking remains bright not only in Muslim countries but also in non-Muslim countries.
Anjum Nisar, Vice Chairman BMG Group stressed for looking for more logical reasons to convince peoples towards Shariah compliant banking as more than 95 percent of people strongly believe that the conventional banking was against the Shariah teachings. The share of housing finance by the Islamic banks is 65 percent, which shows the confidence of consumer on Islamic Banking system.
Ateequr Rehman, Economic & Financial Analyst emphasized on the use of Islamic Finance / Islamic Capital for Public Private Partnership as an additional resource to meet the country’s growing infrastructure needs like roads, power generation, transportation, hospitals, educational institutions, etc.
He highlighted that Pakistan is a fertile market for Takaful but here it is still in formative phase. If, Islamic Banking take more interest in Takaful Industry the market predictions of progress is in between 15 to 20 percent.
“India’s penetration in this industry is 4.8 percent against Pakistan’s 0.08 percent. There is a dire need of Takaful in the populous Pakistan especially for medical coverage”, he said.
Ghulam Muhammad Abbasi, Director Islamic Banking SBP also briefed the audience about the role of the regulator and the efforts being made by SBP to promote and facilitate the Islamic Banking in the country.
He also promised that SBP will continue to support this conference in future as well and will try to bring the maximum stakeholders on board for the success of the event the cause of awareness in masses.
Other prominent speakers were Hasan Bilgrami President & CEO BankIslami, Zahir Esmail President & CEO Summit Bank, Dr Imran Ashraf Usmani Shariah Advisor Meezan Bank, Fouad Farrukh Group Chief NBP Aitemaad Islamic Banking, Muhammad Raza Group Head Customer Support Meezan Bank, Dr Irum Saba Assistant Professor IBA, Rizwan Hussain CEO Takaful Pakistan, Mohammd Shoaib CEO Al-Meezan Investment, Bashir A Chowdry Chairman NBFI Modaraba Association, Ahmed Ali Siddiqui Director IBA-CEIF, Dr Zeeshan Ahmed Dean & Associate Professor of Finance KSBL, Muhammad Faisal Shaikh Group Head Islamic Banking Faysal Bank and Mehmood Tareen Founder & CEO of the Professionals Network.
