Al-Sadiq (a.s) Institute of Islamic Banking, Finance and Takaful in collaboration with Al-Nasay Solutions and Pakistan Learning Nest organized conference on ‘RIBA-FREE PAKISTAN’ on Sunday the 27th of November 2022 at Avari Tower, Karachi to have a collective dialogue among all stakeholders on the new horizon and strategy for proper implementation of Federal Shariat Court’s decision and emerging opportunities.

Renowned Shari’ah Scholars, Practitioners and Experts from Islamic Banking & Finance industry with stakeholders from State Bank of Pakistan, Chamber of Commerce, ICAP, Takaful industry and others graced the event and shared their strategic inputs.

The speakers discussed the importance of promoting Islamic banking and finance in order to achieve financial inclusion and economic growth. They noted that many people prefer Islamic banking due to prohibition of interest and its potential to provide Shari’ah-compliant solutions for businesses. The speakers also highlighted the potential for Islamic finance to facilitate fiscal responsibility and tax mobilization through the use of Islamic public finance structures. They discussed the increasing competitiveness of Islamic finance in certain sectors such as housing finance, consumer finance, and mutual fund investments and emphasized the need for collaboration between scholars and academics to further develop and research in Islamic finance.

Panel 1: Topic: Role and Responsibilities of Government and Regulatory Bodies towards Riba Free Economy

  • Mufti Irshad Ahmad Aijaz Chairman Shari’ah Advisory Committee, State Bank of Pakistan and Security and Exchange Commission of Pakistan.
  • Sheikh Shabbir Hassan Maisami Member Shari’ah Advisory Committee, State Bank of Pakistan
  • Mr. Ahmed Ali Siddiqui Head, Product Development and Shariah Compliance, Meezan Bank Limited
  • Mr. Rizwan Ahmed Naqshbandi Divisional Head Banking Policy & Regulations Department at State Bank of Pakistan
  • Mr. Farid Ahmad Paracha Senior Economist and Ex-Senator Moderator: Mr. Muhammad Islam Ahmed Ex-Senior Joint Director State Bank of Pakistan & CEO, Al-Nasay Solutions Pvt. Ltd.

Panel 2: Topic: Readiness and Responsibilities of the Industry for Riba Free Economy

  • Mr. Syed Aamir Ali President & CEO, BankIslami Pakistan Limited
  • Mr. Nayyar Hussain Zaidi Executive Director, Salaam Takaful Limited
  • Mr. Raheel Q Ahmed Managing Director & CEO, OLP Financial Services Pakistan Limited
  • Mr. Muhammad Faisal Shaikh Head Islamic Banking, Faysal Bank Limited
  • Mr. Muhammad Yahya Khan Group Head-Digital Banking, Bank Alfalah Limited
  • Mr. Faisal Rathod Head of Islamic Banking Initiative and Strategy, Samba Bank Limited
Moderator: Mr. Jawaid Iqbal Senior Member, Executive Committee – Al-Sadiq (a.s) Institute

Panel 3: Topic: Benefits of Riba Free Economy

  • Dr. Muhammad Omar Joint Director, Economic Policy Review Department, State Bank of Pakistan
  • Dr. Muhammad Shujaat Mubarik Dean, College of Business Management (IoBM)
  • Dr. Salman Ahmed Shaikh Director – Islamic Economics Project and Assistant Professor of Management Sciences, SZABIST
  • Mr. Farhan-ul-Haq Usmani Executive Vice President & Head of Shariah Audit, Meezan Bank Limited
  • Mufti Waseem Akhter Almadni
    Head Mufti, Dar-ul-Ifta Faizan-e-Shariat & Research Scholar,

Moderator: Dr. Faisal Sultan Qadri Research Economist, Applied Economics Research Centre – University of Karachi

Conference on "RIBA FREE PAKISTAN", In purview of Federal Shariat Court Decision on RIBA.

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