Legal Fraternity: Focus Group identifies Islamic banking training needs

Sindh Judicial Academy and Centre for Excellence in Islamic Finance, IBA conducted a focus group to introduce Islamic methods of financing among legal fraternity on Thursday, 10th November 2016 which was comprised of judges, advocates, legal councils, academicians, bankers and Shariah scholars who explored the training needs for the legal community.
Dr Qamruddin Bohra, senior faculty member, SJA, welcomed the participants on behalf of the organisers. Ahmed Ali Siddiqui, Director CEIF-IBA, presented an overview of Islamic banking as currently operating in Pakistan. Siddiqui particularly discussed the legal and regulatory issues Islamic banks encounter in courts.
Four thematic areas including, creating awareness of Islamic Financing among legal stakeholders, appreciation of concepts of Islamic Financing in comparison to Interest based financing, implications of SBP's regulations relevant to Islamic Banking industry and issues arising in recovery cases for Islamic banks were discussed. Focus Group participants discussed the thematic area and made recommendations to develop these areas for training purposes. The participants suggested that training for legal fraternity on structures of Islamic modes of banking and separate section for publications of Islamic banking judgements in Corporate Law Digest.-PR