Karachi, The Institute of Business Management (IoBM) recently hosted a two-day International Conference on Islamic Banking and Finance (ICBIF) 2023, focusing on the interplay between sustainable development and Islamic finance. The event, held on November 14 and 15, 2023, gathered experts to discuss the role of Islamic financial institutions in fostering sustainable economic growth, ethical investments, and technological innovations.
According to the Institute of Business Management (IoBM), the conference featured prominent speakers, including Mr. Ghulam Muhammad Abbasi, Director of Islamic Banking at the State Bank of Pakistan, and the Indonesian Consul General in Karachi, Dr. June Kuncoro Hadiningrat. Mr. Talib S. Karim, President of IoBM, delivered the welcome address. The event attracted CEOs from major financial institutions in Pakistan, including Faysal Bank, Bank Alfalah, BankIslami, Meezan Bank, and Dubai Islamic Bank.
Mr. Abbasi, in his speech, highlighted the critical role of Islamic finance in transitioning towards sustainable finance, particularly in the context of global challenges like climate crises and socio-economic inequalities. He noted that Islamic finance’s asset-backed nature minimizes debt crises and aligns funds with their intended purposes while prioritizing social and ethical considerations. Dr. Ishrat Husain, Former Governor of the State Bank of Pakistan, emphasized the fundamental purpose of Islamic banking in promoting human dignity and bridging social class gaps.
The conference showcased the 14th Cambridge Global Islamic Finance Report 2023, launched by Prof Dr. Humayon Dar, Director General of Cambridge Institute of Islamic Finance (Cambridge IIF), UK. The sessions covered a range of topics, including the strategic use of Islamic financing for supporting Sustainable Development Goals (SDGs) and the need for regulatory standards to promote sustainable growth.
Mr. Karim, in his address, highlighted the significance of the ICIBF as IoBM’s flagship event and the role of the Center for Islamic Business and Finance (CIBF) in offering diverse programs in Islamic banking and finance. He stressed the importance of sustainability and academia-industry linkages in this field.
The conference also included sessions with experts from financial bodies, academic institutions, and regulatory authorities from Pakistan, the Middle East, and Malaysia, sharing their insights on various aspects of Islamic finance and its role in sustainable economic development.