‘A decade of empowering Islamic Finance’: IBA-CEIF celebrates its 10-year journey

KARACHI: The Center for Excellence in Islamic Finance (CEIF) at IBA celebrated its 10-year journey in shaping the future of the Islamic financial landscape in Pakistan with a grand event titled “A Decade of Empowering Islamic Finance,” held at the IBA City Campus.

Dr Irum Saba, Director, IBA-CEIF, delivered the welcome address. She acknowledged the strong collaboration of Islamic financial institutions, which has enabled the center to achieve such a major milestone.

Dr Saba credited the center’s success to the support of various banking authorities, including the State Bank of Pakistan (SBP), and expressed her gratitude to the sponsors of the event, including Faysal Bank, UBL Ameen, Meezan Bank, AlBaraka Bank, Dubai Islamic Bank, Hemayah – EFU Family Takaful, and Pakistan Kuwait Investment Company (Pvt) Ltd.

Executive Director IBA, Dr S Akbar Zaidi, delivered a special address, noting that 2025 has been an exceptional year for the institution, as it marked 70 years since its establishment.

He highlighted the prestigious AACSB Accreditation secured by IBA-SBS earlier this year, a distinction that places the school among the top 6 percent of business schools worldwide.

He emphasized IBA’s ongoing efforts to deepen its partnership with the banking sector and discussed the growing significance of the Halal Economy.

Dr Zaidi also underscored the importance of developing a 10-year roadmap for IBA-CEIF to guide its future direction.

The Guest of Honour, His Excellency Herman Hardynata Ahmad, Consul General of Malaysia, Karachi, congratulated IBA-CEIF on this milestone and underscored the value Malaysia places on its collaboration with Pakistan for the shared progress of the Muslim world.

He highlighted that Islamic Finance promotes transparency and social well-being, offering a courageous and forward-looking model.

He outlined global trends shaping the future of Islamic finance, including Malaysia’s pioneering role in green sukuk, the rise of digital transformation and Islamic digital banking, the expansion of Islamic social finance, and the contribution of global civilization in creating a more harmonized Islamic financial environment.

Dr Ishrat Hussain, Founding Chairman, IBA-CEIF and Former Governor, SBP, congratulated the audience on the completion of a decade of IBA-CEIF’s remarkable journey.

He emphasized that Islamic finance and banking must remain the key drivers of growth, urging the establishment of more centers like IBA-CEIF to further strengthen the sector.

Dr Hussain acknowledged the invaluable support from the IBA Board, which played a pivotal role in the center’s success, stating that no single individual can be credited with building the institution; rather, it is the result of a collective effort.

The Chief Guest, Saleem Ullah, Deputy Governor, SBP, congratulated IBA-CEIF on completing its 10-year journey, noting that the center stands out as a leading institution in promoting Islamic finance in Pakistan.

He emphasized the need to envision the kind of economic system that will emerge once the nationwide conversion to Islamic banking is complete, highlighting that significant work remains to be done in this area.

The panel discussion on “Future Trends in Global Islamic Finance and the Role of IBA CEIF” featured distinguished experts from across the Islamic finance landscape. Dr Abdullah Zafar Sheikh, Dean, IBA-SBS, and representatives from various partner banks also attended the celebratory event.

The event concluded on a significant note with the signing of multiple Memorandums of Understanding (MoUs) between IBA and leading financial institutions, including UBL, Raqami Islamic Digital Bank, Askari Bank Ltd, BankIslami Pakistan, AlBaraka Pakistan Ltd, Faysal Bank Ltd, Maldives Islamic Bank, and First Habib Modaraba.

Copyright Business Recorder, 2025