Sukuk’s Transformative Role in Sustainable Finance Highlighted at Karachi Conference

Karachi: The 4th AlBaraka Forum Regional Conference, held on January 28, 2024, in Karachi, focused on the significant contribution of Sukuk in promoting 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 brought together key figures from the financial and development sectors to discuss international best practices in Islamic finance.

According to a statement by Al Baraka Bank, the conference featured distinguished speakers such as Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan, and H.E. Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan. They, along with other leaders, discussed the use of Sukuk as a tool for funding sustainable development projects.

Keynote addresses were delivered by Mr. Ahsan Iqbal, Federal Minister for Planning, Development and Reform, and Mr. Zafar Masud, Chairman of the Pakistan Banks’ Association, via video messages. H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum, emphasized the potential of Sukuk to transform investment landscapes and promote ethical financial practices.

Discussions also covered the role of Sukuk in financing environmentally and socially responsible projects, such as renewable energy and green infrastructure. The event addressed regulatory frameworks, highlighted successful international case studies, and offered practical insights for global Sukuk issuance.

The conference spotlighted Pakistan’s Supreme Court decision to transition towards a fully Islamic banking system, setting a precedent for other nations. A video presentation on the global Sukuk market and the Government of Pakistan’s issuance of Ijarah Sukuk was also featured.

The event concluded with discussions on challenges and opportunities in the Sukuk market, resulting in actionable recommendations for enhancing its role in sustainable finance. Ms. Aalia Jafar, Director of International Relations at the ICCD, closed the conference by reaffirming the AlBaraka Forum’s commitment to innovation and ethical practices in Islamic finance.

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