AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The 4th AlBaraka Forum Regional Conference, held on January 28, 2024, at the Marriott Hotel in Karachi, spotlighted the critical role of Sukuk in sustainable economic growth. Organized by the AlBaraka Forum for Islamic Economy in collaboration with the Islamic Chamber of Commerce and Development (ICCD) and Al Baraka Bank Pakistan, the event focused on international best practices in using Sukuk for sustainable development.
According to a statement by Al Baraka Bank, the conference brought together notable speakers such as Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan, H.E. Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan, and Honorable Mr. Justice Syed Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan. These experts provided valuable insights into how Sukuk can serve as a robust tool for funding sustainable development projects.
Federal Minister for Planning, Development and Reform, Mr. Ahsan Iqbal, and Mr. Zafar Masud, Chairman of the Pakistan Banks’ Association, addressed the conference via video messages, emphasizing the strategic importance of Sukuk in aligning financial practices with ethical and sustainable goals.
H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, highlighted the transformative potential of Sharia-compliant finance in addressing global economic and environmental challenges. He noted the conference’s role in showcasing the impact of Sukuk on a global scale.
H.E. Mr. Muhammad Atif Hanif, CEO of AlBaraka Bank Pakistan, discussed the evaluation of sovereign Sukuk for financing state budgets and empowering SMEs. The conference also examined regulatory and legal frameworks affecting global Sukuk issuance and presented successful international case studies to offer practical insights.
A video presentation on the “Reality of the Sustainable Sukuk Market Globally” provided historical context and highlighted the current impact of Sukuk, including the Government of Pakistan’s issuance of Ijarah Sukuk. Discussions also addressed the need for standardized structures and greater transparency in the Sukuk market.
The conference concluded with remarks from Ms. Aalia Jafar, Director of International Relations at the Islamic Chamber of Commerce and Development, reaffirming the AlBaraka Forum’s commitment to promoting innovation and ethical practices in Islamic finance.
The post AlBaraka Forum Elevates Sukuk’s Role in Sustainable Finance appeared first on Pakistan Business News.