KARACHI: Sima Kamil, the deputy governor of State Bank of Pakistan (SBP), has said that finance is a fundamental prerequisite for growth of any economy and Islamic finance by virtue of its faith-based nature offers inherent synergies with risk and rewards mechanisms that offer an ideal solution.
Addressing the inaugural session of the First HABIBMETRO Sirat Islamic Banking Summit on Tuesday, Deputy Governor SBP said that Islamic finance structures are derived from Shariah, which dictates that Islamic financial transactions should be supported by underlying productive activities and emphasizes on a close relationship between financial transactions and the real economy.
Discussing the challenges faced towards the transformation of conventional banking into Islamic Banking, she said that the key challenge here is the adequate supply of Islamic finance experts. “There is growing need for qualified Islamic finance professionals who can spearhead the financial industry to the next stage”, she added.
Deputy Governor SBP assured that the State bank of Pakistan remains fully committed to provide all possible support and facilitation to the banks during their conversion process.”
HABIBMETRO Sirat-The Islamic banking brand of HABIBMETRO Bank, organized the first HABIBMETRO Sirat Islamic banking summit which was attended by various stakeholders including SBP, PSX & SECP officials as well as CEO’s and Shariah Board Members of various banks, Shariah scholars, and businessmen.
The Summit was held in honor of the visit of HABIBMETRO Sirat’s Shariah Board Chairman Tan Sri Dr. Daud Bakar, a globally renowned Malaysian Shariah scholar and award-winning author.
Dr. Daud is the Founder & Group Chairman of Amanie Group and is a Shariah Board Member of various foreign banks. He has been awarded with ‘The Royal Award for Islamic Finance 2022’ by the King of Malaysia.
During the day-long summit, Tan Sri Dr. Daud Bakar held interactive sessions with diverse audience groups and discussed emerging opportunities and challenges in the global Islamic banking industry.
Speaking at the event, Dr. Daud Bakar, said, “I am extremely delighted and privileged to be here in Pakistan and to represent HABIBMETRO Bank, which has established itself as one of the most trusted financial institutions here in Pakistan, courtesy its global vision of advancing forward and playing a pivotal role in shaping the Islamic finance sector of the country.”
Mohsin Ali Nathani, President & CEO HABIBMETRO while welcoming participation of the esteemed guests at the Banking Summit said that Tan Sri Dr. Daud Baker visit to Pakistan is an immense learning opportunity for all of us.
He said that Dr. Daud Baker His guidance and leadership give notable impetus to HABIBMETRO’s Islamic banking segment. His leadership, along with the supportive environment provided by the SBP for promotion of Islamic Banking, will drive meaningful growth in HABIBMETRO Sirat’, he added.
He informed that HABIBMETRO has been promoting Islamic banking for the last 18 years and the Bank’s vision is in alignment with the government and SBP’s strategic plan for the promotion and growth of Islamic banking in Pakistan.
Sirat is a global brand that offers Islamic products in 5 key markets, with Pakistan being the largest market; the Sirat brand was home-grown in Pakistan and exported to UK, UAE, South Africa and Switzerland. In Pakistan, HABIBMETRO Sirat is amongst the top 5 Islamic Banking Windows.
It may be mentioned here that HABIBMETRO Bank is a subsidiary of Habib Bank AG Zurich, which operates in 10 countries across four continents. HABIBMETRO Bank has a network of 500 branches in 194 cities across Pakistan. HABIBMETRO Sirat operates with 61 dedicated branches and 242 windows in 59 cities across Pakistan.-PR
Copyright Business Recorder, 2023
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