The AlBaraka Forum for Islamic Economy, in collaboration with the Islamic Chamber of Commerce and Development (ICCD) and Al Baraka Bank Pakistan, successfully hosted its 4th Regional Conference on January 28, 2024, at the Marriott Hotel in Karachi. Themed “Sukuk for Sustainable Development: International Best Practices,” the event brought together prominent leaders from Pakistan’s financial sector to discuss the transformative potential of Sukuk in sustainable finance and economic growth.
The conference featured high-profile speakers, including Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan (SBP), H.E. Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP), and Honorable Mr. Justice Syed Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan. These key figures provided critical insights into Sukuk’s role in financing sustainable development initiatives, reinforcing the need for Islamic finance solutions in addressing economic and environmental challenges.
Federal Minister for Planning, Development & Reform, Mr. Ahsan Iqbal, and Chairman of the Pakistan Banks’ Association, Mr. Zafar Masud, also shared their perspectives through video addresses. They emphasized the ethical and financial benefits of Sukuk, highlighting its potential to drive long-term, sustainable growth while ensuring adherence to Sharia-compliant investment principles.
H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, underscored the global influence of Islamic finance and the increasing relevance of Sukuk in tackling pressing economic issues. He highlighted how Sukuk has emerged as a powerful tool in sustainable finance, supporting investments in infrastructure, renewable energy, and social impact projects worldwide.
Speaking on Pakistan’s financial landscape, Mr. Muhammad Atif Hanif, CEO of AlBaraka Bank Pakistan, shed light on the role of sovereign Sukuk in financing the state budget and empowering small and medium-sized enterprises (SMEs). His address aligned with the broader theme of the conference, which explored how Sukuk can enhance economic resilience and foster inclusive growth.
One of the key discussions revolved around Pakistan’s landmark Supreme Court decision to transition towards a fully Islamic banking system. Experts noted that this move sets a precedent for other nations looking to adopt Sharia-compliant financial frameworks. The conference also featured a documentary by the AlBaraka Forum, tracing the evolution of the global Sukuk market and highlighting Pakistan’s issuance of Ijarah Sukuk worth PKR 3.25 trillion in the domestic market.
Beyond regulatory and policy discussions, the event provided a platform for industry leaders to analyze international best practices in Sukuk issuance. Case studies from around the world demonstrated successful models that can be replicated in Pakistan and other emerging economies. Participants deliberated on regulatory frameworks, legal considerations, and risk mitigation strategies to ensure the growth of a transparent and standardized Sukuk market.
The conference concluded with insightful discussions on the future of Islamic finance, focusing on the challenges and opportunities in the Sukuk market. Ms. Aalia Jafar, Director of International Relations at the ICCD, closed the event with remarks reaffirming the AlBaraka Forum’s commitment to fostering innovation and ethical financial practices.
With growing global demand for sustainable investment solutions, the discussions at the AlBaraka Forum highlighted how Sukuk can bridge the gap between ethical finance and long-term economic sustainability. As Pakistan advances its transition towards an Islamic financial system, initiatives like these will play a critical role in shaping the country’s financial future.