Karachi, – The IBA Centre for Excellence in Islamic Finance (CEIF), in collaboration with Ihsan Trust and Meezan Bank, hosted a roundtable discussion at the IBA City Campus. The session focused on how the NGO sector can leverage Islamic social finance modes to contribute to Pakistan’s economic development. It also aimed to explore the creation of a forum for NGOs to collaborate for the country’s greater good.
According to the Institute of Business Administration (IBA), the chief guest of the event, Justice Dr. Syed Anwar Shah, a current Alim Judge and former Chief Justice of the Federal Shariat Court, spoke about the potential role of NGOs and Islamic social finance in Pakistan’s economic growth. Mr. Ahmed Ali Siddiqui, Director of IBA CEIF, highlighted the transformative potential of Islamic social finance modes, such as Qard e Hasna, Zakat, Sadqa, social entrepreneurship, impact investing, and Waqf. He emphasized the need for Islamic commercial finance institutions and Islamic social finance institutions to support, integrate, and collaborate with each other for economic development.
Representatives and senior officials from various NGOs, including Ihsan Trust, Saylani Welfare Trust, Alamgir Welfare Trust, and others, participated in the discussion. They shared insights into how their respective NGOs contribute to Pakistan’s economic development. The NGOs represented a diverse range of sectors, including healthcare, education, and social welfare, underscoring the varied applications of Islamic social finance.
The session concluded with an announcement by the Director of IBA CEIF about the establishment of an Islamic Social Finance Group at the IBA Centre for Islamic Finance. This group aims to promote collaboration among Islamic finance entities to further economic development in Pakistan. Dr. Irum Saba, Research Director at IBA CEIF and a faculty member at IBA, offered the vote of thanks and extended support from IBA CEIF to this initiative.
The roundtable represents a significant step in bringing together key stakeholders in the field of Islamic social finance, highlighting its potential as a tool for economic growth and development in Pakistan.