World Islamic Finance Forum from March 19

World Islamic Finance Forum from March 19

KARACHI: A press briefing held at the IBA City Campus by Dr. Farrukh Iqbal, Dean and Director IBA Karachi, Irfan Siddiqui, President Meezan Bank Limited, Ahmed Ali Siddiqui, Director Centre for Excellence in Islamic Finance IBA (CEIF-IBA).

Dr. Ishrat Husain, Chairman CIEF-IBA, and Rizwan Hussain, MD and CEO Takaful Pakistan Ltd disclosed that World Islamic Finance Forum (WIFF) 2018 will be held at the Movenpick Hotel, Karachi on March 19 and 20, 2018. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman AAOIFI Board of Trustees, will grace the event as the Chief Guest at WIFF 2018.

They lauded the Government for their attention in order to resolve Islamic banking and Finance issues. WIFF is being organized by Centre for Excellence in Islamic Finance at the Institute of Business Administration (CEIF-IBA) in collaboration with LUMS and INCEIF.

Addressing the media, Irfan Siddiqui discussed the dilemma of Islamic banking and said there is the dire need to resolve liquidity management and foreign exchange limitation issues resulting slow growth in product development and cross border role is not seen till now, all these factors are essential for rapid growth.

Ali Ahmed Siddiqui, Head of Product Development, Meezan Bank said that Prominent Sharia Scholars, renowned academics, Presidents of Islamic Banks and many other important figures from national and international financial institutions will be participating in the conference. The exhaustive list of participants includes Tariq Bajwa, Governor State Bank of Pakistan; President and CEO of National Bank of Pakistan, Saeed Ahmed, Zafar Abdullah, Chairman Securities Exchange Commission of Pakistan; Dr. Ishrat Husain, Chairman CEIF-IBA; and Shaikh Muhammad Taqi Usmani, Chairman Shari’ah Board.

The two-day conference will include panel discussions with industry experts representing 17 global and 15 local institutions. Global Islamic finance hubs including KSA, Bahrain, Malaysia and other GCC countries will participate in the conference along with speakers from Bosnia-Herzegovina, USA, UK, Turkey and China. Around 50 speakers representing regulatory bodies, Islamic finance infrastructure institutions, Islamic banks/windows, asset management companies, advisory firms and Takaful players will also be part of the event.

He said furthermore that Key local and global Islamic financial institutions that will participate in this mega event include Securities Exchange Commission of Pakistan (SECP), Islamic Research and Training Institute (IRTI), Islamic Finance News (IFN), World Bank, Islamic Corporation for the Development of the Private Sector (ICD), International Centre for Education in Islamic Finance (INCEIF), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), and Deloitte & Touché.

Furthermore, Dr. Farrukh Iqbal said that the research papers and case studies presented at the conference will focus on areas that are crucial for the expansion of the Islamic Finance industry. These will then be appraised by a committee of renowned practitioners and Shari’ah scholars. Announcing the awards and prizes for the winners, Dr. Iqbal also mentioned that the 1st, 2nd and 3rd positions will be rewarded with $5000, $3000 and $2000 respectively, while 3 consolation prizes of US $500 each will also be given
Former Governor SBP and Dean and Director of IBA, Currently Chairman of CEIF, Dr. Ishrat Hussain said, Islamic Banks has to support our marginalized Class otherwise they will never raised up themselves in terms of assets and living standards. He further added in the period of 10 to 12 years Islamic Banking growth is only 12 to 14 percent which indicating tough regulatory regime, communication gap and lack of Trained Human resources but We are going to overcome all of them.

Rizwan Hussain, CEO Takaful Pakistan appreciated the role of CEIF-IBA in bridging the gap between industry and academia along with Irfan Siddiqui who commented that the WIFF is a unique conference that will bring together researchers, academicians and practitioners for generating innovative ideas to expand Islamic Finance growth through innovation, Fintech and regulations. The panelists stressed on Government to make sure Sukook availability easily and there must be the Auction Calendar also.