The AlBaraka Forum reception event was held on January 27th 2025, at the ICCD premises in Karachi, under the title “Unifying Forces: The Power of Building Bridges to Strengthen Islamic Finance and Economy.
Organized by AlBaraka Forum for Islamic Economy, and the Islamic Chamber for Commerce and Development (ICCD) this esteemed gathering served as a platform for constructive networking, offering participants a unique opportunity to exchange ideas and collaborate.
Mr. Syed Muaz Shah, representing ICCD, opened the reception by welcoming attendees. He emphasized the importance of the event as a platform to unify efforts and build bridges for strengthening Islamic finance and economy globally. Citing the vision of the late Sheikh Saleh Kamel, Mr. Shah highlighted the role of Islamic economics in addressing global challenges. He also shed light on the remarkable growth of sukuk, with global issuances in 2023 nearing $200 billion and projections indicating the total value will exceed $3.5 trillion by 2030, making it a critical tool for both sovereign and private sectors.
The reception included a video presentation showcasing AlBaraka Forum’s impactful initiatives. The video highlighted the forum’s achievements in promoting Islamic economics, fostering global partnerships, supporting young researchers through grants, and driving innovation in the field. It also underscored the forum’s mission to create a more equitable and sustainable future for all through strategic thinking and knowledge sharing.
H.E. Mr. Yousef Hassan Khalawi, Secretary General of AlBaraka Forum for Islamic Economy and ICCD, emphasized the importance of AlBaraka Receptions, a new initiative aimed to foster networking and collaboration within the Islamic finance sector. By hosting strategic events, this platform seeks to connect global leaders in Islamic banking, enabling them to discuss opportunities, share insights, and forge new partnerships. With a history spanning nearly five decades, the Forum has always been committed to advancing Islamic finance, and the introduction of AlBaraka Receptions further strengthens its mission to facilitate growth in the industry.
He also emphasized the substantial potential in countries like Pakistan, where Islamic finance is still developing, yet there has been notable growth, H.E. Mr. Khalawi emphasized that achieving further progress will require stronger collaboration and networking within the industry. He stressed the importance of forging partnerships and attracting investments, as these are key to unlocking the full potential of Islamic finance in such regions. With initiatives like AlBaraka Receptions, the industry can create effective business platforms that showcase the true capabilities of the sector, fostering sustainable growth and encouraging wider adoption of Islamic finance principles on a global scale.
Hon’ble Justice Syed Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan, emphasized the need to integrate dispute resolution with Islamic finance, noting that delays in resolving disputes hinder the sector’s growth. He highlighted the government’s efforts to introduce alternative dispute resolution (ADR) methods, such as mediation centers and arbitration, to address the slow pace of litigation and ensure a more efficient financial system.
Hon’ble Mr. Justice Shah also underscored the importance of aligning Islamic finance principles with justice, focusing on fairness, accountability, and social welfare. He pointed out that Islamic teachings, including the prohibition of riba, risk-sharing, and charitable mechanisms like zakat, should guide the judicial process in resolving financial disputes.
H.E. Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), highlighted the importance of inclusive regulatory practices, emphasizing the need for transparency and simplicity in Islamic finance contracts. He stressed SECP’s commitment to consultations and regulatory frameworks that align with market needs, while also raising awareness about Sharia-compliant products such as Sukuk and insurance.
H.E. Mr. Saeed acknowledged the market’s growing demand for Islamic finance and the government’s support, particularly through the introduction of government Sukuk. He emphasized that Islamic finance aligns with ESG principles and noted the regulator’s role in fostering a conducive environment for growth while listening to market needs.
H.E. Mr. Yousaf Hussain, Senior Vice Chairman Pakistan Banks’ Association, highlighted that Islamic finance embodies ethical principles outlined in the Quran, with a focus on justice, equality, and avoiding speculative activities. Islamic finance, grounded in real assets and participatory finance, contributes to the real economy and has gained global acceptance.
H.E. Mr. Hussain emphasized the importance of employee engagement and knowledge-sharing in making the transition successful. While the conventional banking system remains dominant, Islamic finance is growing, and the demand is strong as people increasingly recognize its benefits.
He also called for better education and training programs for Islamic banking, citing a shortage of skilled talent and the need for collaborative platforms and global standards to further accelerate the industry’s growth. Finally, noting that the SDGs align with Islamic finance’s ethical values, supporting poverty reduction, health, education, and economic growth.
The AlBaraka Forum reception, Pakistan underscored the importance of collaboration and knowledge-sharing in advancing Islamic finance. With key contributions from distinguished leaders, it highlighted the growth and potential of sukuk, the role of Islamic finance in global development, and the need for stronger partnerships and education. This event marked another significant step toward fostering a sustainable and ethical financial system for the future.

Comments are disabled.