KARACHI: Samar Hasnain, Executive Director of the State Bank of Pakistan (SBP), highlighted the transformative potential of Islamic economics and finance as a framework for ethical, sustainable, and socially responsible economic progress. Speaking at the 13th Islamic Banking & Finance Conference, organized by The Professionals Network, he emphasized aligning financial practices with moral and social values to address global economic challenges. The conference focused on the theme, “From Practice to Impact: Aligning Islamic Economics & Finance with Global Challenges.”
During his keynote speech, Hasnain stressed that Islamic finance offers innovative solutions to critical issues such as climate risks, financial inclusion, and fostering innovation. He called for strategic partnerships and collaboration among stakeholders to develop solutions rooted in Maqasid al-Shariah principles, paving the way for a sustainable and equitable economy. He further noted that achieving these goals demands expertise and collective effort, particularly in creating a robust framework for sustainability.
Experts Call for Enhanced Role of Islamic Banking in Pakistan
The conference featured renowned speakers, including Jawad Majid Khan, President and CEO of Bank Makramah; Faisal Iqbal, Head of SME and Supply Chain Financing at Meezan Bank; Ateeq Ur Rehman, Economic and Financial Analyst; and Mehmood Tareen, CEO of The Professionals Network.
Islamization of the Economy
Jawad Majid Khan advocated for the Islamization of Pakistan’s economy as a sustainable solution to the country’s challenges. He pointed out that adopting an Islamic economic model could help formalize the economy, address tax imbalances, break unproductive debt cycles, boost savings, and create a favorable investment climate.
SMEs and Economic Growth
Faisal Iqbal emphasized the significant role of small and medium enterprises (SMEs) in achieving Maqasid al-Shariah and fostering economic growth. He shared that the planned conversion of all conventional banks to Islamic banks within three years, along with regulators prioritizing SME and agricultural financing, will enhance the sector’s impact. Initiatives like exclusive SME business verticals, digital supply chain financing, and capacity building are already paving the way for progress.
Islamic Banking Driving Trade Expansion
Ateeq Ur Rehman highlighted the alignment between Islamic banking principles and sustainable development. He called for Islamic banking to take a leading role in expanding trade, as it promotes inclusivity and long-term economic growth.
The conference underscored the need for collaborative efforts to explore innovative financial solutions that adhere to Islamic values, ensuring sustainable progress while tackling global economic challenges.
