The AlBaraka Forum for Islamic Economy, in partnership with the Islamic Chamber of Commerce and Development (ICCD) and Al Baraka Bank Pakistan, concluded its 4th Regional Conference on January 28, 2024, at the Marriott Hotel in Karachi, Pakistan. The event, themed “Sukuk for Sustainable Development: International Best Practices,” underscored the significant impact of Islamic finance, particularly Sukuk, in promoting sustainable economic growth.

The conference featured 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 leaders shared valuable insights on the use of Sukuk as a powerful tool for funding sustainable development initiatives.

Keynote addresses were delivered via video messages by Mr. Ahsan Iqbal, Federal Minister for Planning, Development & Reform, and Mr. Zafar Masud, Chairman of the Pakistan Banks’ Association. They emphasized the potential of Sukuk to drive ethical and sustainable development.

H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, remarked on the profound impact of Sharia-compliant finance on a global scale, highlighting Sukuk's role in addressing economic and environmental challenges. He expressed optimism about Sukuk's ability to transform investment landscapes and promote principled financial practices.

Mr. Muhammad Atif Hanif, CEO of AlBaraka Bank Pakistan, discussed the evaluation of sovereign Sukuk to finance the state budget and the empowerment of SMEs.

The conference sessions highlighted Sukuk's crucial role in financing environmentally and socially responsible projects, such as renewable energy and green infrastructure. Discussions also addressed regulatory and legal frameworks for global Sukuk issuance and showcased successful international case studies, providing practical insights and replicable practices.

The event spotlighted Pakistan’s Supreme Court decision to transition towards a fully Islamic banking system, setting a precedent for other countries. A video by the AlBaraka Forum on the global sustainable Sukuk market provided insights into Sukuk's origins and its evolution into a major global financial product. The video also highlighted Pakistan's issuance of Ijarah Sukuk worth 3.25 trillion in the domestic market.

The conference concluded with productive dialogues on the challenges and opportunities in the Sukuk market, emphasizing the need for standardized structures and greater transparency. Ms. Aalia Jafar, Director of International Relations at the ICCD, closed the event with remarks reaffirming the AlBaraka Forum's commitment to innovation and ethical practices in Islamic finance.
Image by AlBarakah Forum