Keynote Address

Sima Kamil, State Bank of Pakistan

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Submission Type

Inaugural Session

Abstract/Description

  • The Maqasid-al-Shariah as articulated by Imam Al-Ghazali underscores the protection of religion, life, family, intellect and property with the aim of preventing harm and attaining benefits.
  • The global financial services have evolved to a dynamic and vibrant industry spread across 70 countries and has become strategically essential financial segment in many economies.
  • As per IFSB Sustainability Report, the worth of total Islamic Financial Assets have increased from USD 2.05 trillion to USD 2.70 trillion during the period 2017-20 with Islamic Banking making the highest contribution i.e., approx. 68%.
  • Islamic Finance further makes up a sufficient proportion of financing allowed under Low-Cost Housing Finance, Shariah Compliant Certificates, Temporary Economic Refinance Facility and Refinancing Facility for Combating COVID.
  • SBP 3rd Strategic Plan (2021-25) for Islamic Banking Industry based on six strategic pillars include Strengthening Legal Landscape, Enhancing Conduciveness of Regulatory Framework, Reinforcing Comprehensive Shariah Governance Framework, Improving Liquidity Management Framework, Expanding Outreach & Market Development and Bolstering Human Capital & Raising Awareness.
  • Key initiatives taken by SBP for promotion of Islamic Banking in Pakistan include enabling regulatory and Shariah Governance Framework, establishment of 3 centers of excellences at IBA, LUMS & IMSciences, Shariah Compliant lender of last resort, regular issuance of 5 year strategic plans to guide the industry and Shariah compliant standing ceiling facility and Open Market Operations.
  • State Bank of Pakistan categorized as the best Central Bank by the Redmoney Group of Malaysia.
  • Challenges faced by Islamic Banking Industry include awareness (perception) & capability building issues, lack of regular supply of sovereign Sukuk, lower penetration in strategic sectors like SMEs, agriculture, lack of research & development for innovative products & services and adoption of technology and digital transformation

Location

Movenpick Hotel, Karachi

Session Host

Mr. Muhammad Raza, Customer Support & General Services, Meezan Bank Limited

Start Date

30-5-2022 9:16 AM

End Date

30-5-2022 9:25 AM

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May 30th, 9:16 AM May 30th, 9:25 AM

Keynote Address

Movenpick Hotel, Karachi

  • The Maqasid-al-Shariah as articulated by Imam Al-Ghazali underscores the protection of religion, life, family, intellect and property with the aim of preventing harm and attaining benefits.
  • The global financial services have evolved to a dynamic and vibrant industry spread across 70 countries and has become strategically essential financial segment in many economies.
  • As per IFSB Sustainability Report, the worth of total Islamic Financial Assets have increased from USD 2.05 trillion to USD 2.70 trillion during the period 2017-20 with Islamic Banking making the highest contribution i.e., approx. 68%.
  • Islamic Finance further makes up a sufficient proportion of financing allowed under Low-Cost Housing Finance, Shariah Compliant Certificates, Temporary Economic Refinance Facility and Refinancing Facility for Combating COVID.
  • SBP 3rd Strategic Plan (2021-25) for Islamic Banking Industry based on six strategic pillars include Strengthening Legal Landscape, Enhancing Conduciveness of Regulatory Framework, Reinforcing Comprehensive Shariah Governance Framework, Improving Liquidity Management Framework, Expanding Outreach & Market Development and Bolstering Human Capital & Raising Awareness.
  • Key initiatives taken by SBP for promotion of Islamic Banking in Pakistan include enabling regulatory and Shariah Governance Framework, establishment of 3 centers of excellences at IBA, LUMS & IMSciences, Shariah Compliant lender of last resort, regular issuance of 5 year strategic plans to guide the industry and Shariah compliant standing ceiling facility and Open Market Operations.
  • State Bank of Pakistan categorized as the best Central Bank by the Redmoney Group of Malaysia.
  • Challenges faced by Islamic Banking Industry include awareness (perception) & capability building issues, lack of regular supply of sovereign Sukuk, lower penetration in strategic sectors like SMEs, agriculture, lack of research & development for innovative products & services and adoption of technology and digital transformation