Meezan Bank, Pakistan’s leading Islamic bank, has partnered with NED University of Engineering and Technology to establish a groundbreaking Centre for Islamic Finance and FinTech (CIFFT). This collaboration, formalized through a Memorandum of Understanding (MoU), aims to foster innovation and growth within the Islamic finance and fintech sectors in Pakistan. The MoU was signed by Syed Amir Ali, Deputy CEO of Meezan Bank, and Dr. Sarosh Hashmat Lodi, Vice Chancellor of NED University.
The unveiling of the plaque marking the launch of the Centre was a key moment in this historic partnership. The event highlighted the shared vision of both institutions to advance Islamic finance and fintech, with a focus on education, research, and professional development. This strategic initiative aims to provide comprehensive higher education programs, including graduate, postgraduate, and PhD levels, in Islamic finance and fintech. It also seeks to support industry development through research, case studies, human capital development, and other collaborative efforts.
Under the terms of the MoU, Meezan Bank will play a crucial role in supporting the Centre. The bank will provide technical assistance, content development, and research expertise to enrich the academic experience. In addition, Meezan Bank will organize seminars, workshops, and speaker sessions to raise awareness and promote the growth of Islamic finance and fintech among future engineers and STEM graduates in Pakistan. The bank’s involvement also includes collaboration on academic program development, professional training, and research initiatives, ensuring that the Centre remains at the forefront of innovation in these rapidly evolving sectors.
Syed Amir Ali, Deputy CEO of Meezan Bank, expressed his enthusiasm for the partnership, stating, “The collaboration between NED’s technological expertise and Meezan Bank’s leadership in Islamic banking establishes a strong foundation for innovation in the growing Islamic fintech sector. This partnership will harness the potential of Pakistan’s youth as a driving force in shaping the future of the industry. We are hopeful that the launch of CIFFT will accelerate the development of research-driven solutions, bridging the gap between Islamic finance and technology.”
This collaboration is particularly significant for Pakistan’s burgeoning Islamic finance sector, as it marks the first time a dedicated academic institution and a leading financial institution have joined forces to promote fintech and Islamic finance education at such a scale. The initiative will help develop research-based solutions that address the unique challenges and opportunities within the Islamic finance landscape.
The Centre for Islamic Finance and FinTech will provide students with a multidisciplinary approach to learning, blending finance, technology, and Islamic principles. With the growing demand for Islamic financial services and the increasing adoption of fintech solutions globally, the CIFFT will play an essential role in preparing the next generation of professionals to navigate the complexities of these sectors.
This partnership also marks a significant milestone in bridging the gap between academia and industry, a critical step for the advancement of Pakistan’s Islamic finance sector. By offering innovative programs and research opportunities, the collaboration between Meezan Bank and NED University will help nurture a new wave of talent that will contribute to the development of both Islamic finance and fintech in the region.
In conclusion, the launch of the Centre for Islamic Finance and FinTech signifies a major advancement in Pakistan’s academic and financial landscapes. It demonstrates a commitment to fostering innovation and providing high-quality education in one of the most rapidly evolving sectors in the world today. The partnership between Meezan Bank and NED University holds the potential to not only transform the education sector but also drive sustainable growth within Pakistan’s Islamic finance and fintech industries.