AlBaraka Forum for Islamic Economy Presents the Third Episode of “Islamic Economy Around the World” in Pakistan

The third episode of the live virtual talk show “Islamic Economy Around the World” was launched in Pakistan on October 8, 2024, with AlBaraka Bank Pakistan as our strategic partner, in collaboration with the Islamic Chamber of Commerce and Development. A group of leading experts and professionals in Islamic economics and finance in Pakistan participated in the discussion, covering a range of main topics, including the potential of using Islamic financial services globally, the demand for Shari’ah-compliant products, and the value proposition of Islamic banking. The episode also included an analysis of various Islamic economic models, from the for-profit to the non-profit sector.
The episode was opened by Dr. Irum Saba, the Founder of the Women Leadership Forum and holder of a PhD in Islamic Finance, who served as the moderator. She presented an overview of the AlBaraka Forum for Islamic Economy and introduced the speakers, while also praising the late Sheikh Saleh Kamel for his contributions to the Islamic economy.
She introduced Dr. Ishrat Husain, the former Governor of the State Bank of Pakistan and Chairman of the Centre for Excellence in Islamic Finance at the Institute of Business Administration (IBA) in Karachi. He discussed how licenses were granted to full-fledged Islamic banks, the subsidiaries of conventional banks engaged in Islamic finance, and the windows of Islamic banking.
As for Mufti Irshad Ahmad Aijaz, the Chairman of the Shari’ah Advisory Committee for the SBP and SECP, he highlighted that Islamic finance is not limited to Muslims. He emphasized the clear message to all citizens in any country that Islamic products can be utilized by anyone worldwide.
Mr. Saleem Ullah, Deputy Governor at the State Bank of Pakistan, stated that Islamic finance is primarily based on the principles of fairness, equity, and justice, ensuring that the well-being of its clientele is one of its pillars. Mr. Muhammad Atif Hanif, Chief Executive Officer of Al Baraka Bank (Pakistan) Limited, discussed the growth of the Islamic economy in Pakistan, highlighting that the asset base is now 34 billion dollars, and the deposit side is 26 billion dollars, which constitutes 20% of the overall banking industry. He also reviewed the position of Sukuk and its evolution.
Dr. Abdul Bari Khan, President of the Indus Hospital & Health Network and a leading social leader and contributor to the development of the non-profit Islamic economy in Pakistan, discussed the primary sources of funds, highlighting that 92% of their donations are Zakat coming from Pakistan.
After receiving and answering some questions from online viewers, Dr. Saba ended the episode by thanking the panelists, viewers, and organizers, highlighting the valuable participation that occurred during the episode.
The third episode was livestreamed on AlBaraka Forum for Islamic Economy social media platforms, including Zoom, YouTube, Facebook, LinkedIn, and X, with an interpretation into Arabic.