A major milestone in the evolution of Islamic banking and finance in Pakistan was marked with the inauguration of the Irfan Siddiqui Center for Advancement of Islamic Finance at the National Institute of Public Administration. The initiative reflects growing institutional commitment to strengthening the foundations of Islamic finance through education, research, and leadership development.
The Center has been established to commemorate Mr. Irfan Siddiqui, widely regarded as a pioneer and a central architect of modern, full-fledged Islamic banking in Pakistan. The initiative recognizes his visionary leadership, role in institution-building, and long-standing contributions that helped transform Islamic banking from a niche offering into a mainstream component of the national financial system.
Over the years, Islamic banking in Pakistan has experienced steady growth in market share, product diversity, and public acceptance. Under Mr. Siddiqui’s stewardship, the sector benefited from stronger governance frameworks, more structured Shariah oversight, and improved professional standards. These developments played a significant role in increasing confidence among regulators, customers, and financial institutions alike.
The dedication ceremony was led by Dr. Syed Saif ur Rehman PAS, TI, Director General of NIPA, while the Center was formally inaugurated by Mr. Irfan Siddiqui, Founder, President, and Chief Executive Officer of Meezan Bank. The event brought together senior officials, policymakers, and stakeholders from the banking and public administration sectors, reflecting the broad impact of Islamic finance on Pakistan’s economic landscape.
In his remarks, Dr. Saif ur Rehman highlighted Mr. Siddiqui’s pioneering role in institutionalizing Islamic banking across the country. He noted that Mr. Siddiqui was instrumental in strengthening Shariah governance structures, embedding compliance mechanisms, and promoting professional capacity within the Islamic finance ecosystem. According to him, Mr. Siddiqui’s legacy extends beyond the success of individual institutions to the durable foundations he helped lay for the sector as a whole.
Dr. Saif ur Rehman further observed that as Mr. Siddiqui concludes his tenure as chief executive, his contributions continue to shape the direction of Islamic finance in Pakistan. He described the Center as a reflection of that enduring legacy, designed to support future generations of policymakers, bankers, and finance professionals.
Delivering the keynote address, Mr. Irfan Siddiqui expressed gratitude for the honor and described the establishment of the Center as a collective achievement for the Islamic finance industry. He emphasized the importance of ethical leadership, sound governance, and value-based financial systems in fostering inclusive and sustainable economic growth. He underscored the need for continued investment in knowledge, research, and human capital to ensure the credibility and resilience of Islamic finance.
The Irfan Siddiqui Center for Advancement of Islamic Finance has been envisioned as a dedicated platform for advancing learning and professional development in the field. Its mandate includes supporting research initiatives, developing training programmes, and facilitating dialogue on policy and regulatory issues related to Islamic banking and finance. The Center is expected to serve both public sector officials and private sector professionals engaged in financial services.
By anchoring the Center at NIPA, the initiative also seeks to strengthen the link between public administration and financial sector development. Islamic finance increasingly intersects with public policy, fiscal planning, and economic governance, making capacity-building within the public sector an important priority.
The establishment of the Center comes at a time when Pakistan’s Islamic banking sector continues to expand its footprint domestically while seeking greater global relevance. With a focus on education, research, and ethical financial practices, the Irfan Siddiqui Center aims to contribute meaningfully to the sector’s long-term growth and credibility.
As a lasting tribute, the Center stands as recognition of Mr. Irfan Siddiqui’s transformational leadership and distinguished service, while also serving as a forward-looking institution dedicated to shaping the future of Islamic finance in Pakistan.
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