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IFN OnAir Pakistan 2021

Supported by
STATE BANK OF PAKISTAN

17th June 2021, OnAir

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Date: 17th June 2021

Venue: OnAir

Attendees: 256

HASHTAG #ifnevents

About The Forum

This is the 6th IFN Pakistan event.

Pakistan’s encouraging growth in assets and deposits in the Islamic banking segment has been admirable, especially since the industry was hit with the continuous global COVID-19 pandemic challenges since 2020.

The assets of the Islamic banking industry increased by 30% to PKR4.27 trillion (US$27.78 billion), while deposits increased by 27.8% to PKR3.39 trillion (US$22.06 billion) by the end of December 2020.

Islamic banking in the country accounts for a 17% share in assets and 18.3% share in deposits of the overall banking industry (end of December 2020) — an increase from 14.4% and 16.9% respectively recorded in 2019.

The sector has five fully-fledged Islamic banks and 17 conventional banks operating Shariah windows.

In April 2020, the State Bank of Pakistan announced its third five-year strategic plan which focuses on six strategic pillars, namely the strengthening of the legal landscape; enhancing the conduciveness of the regulatory framework; reinforcing the comprehensive Shariah governance framework; improving the liquidity management framework, expanding outreach and market development; and bolstering human capital and raising awareness.

With strong backing from the central government, exciting opportunities are on the horizon as Pakistan sets its sights on fully capitalizing on the potential of Islamic finance to attain a sustainable Islamic banking sector in the country.

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An Introduction to 2021

At REDmoney, 2020 taught us much about the state of the events business. What works, what doesn’t and how to continue delivering unparalleled programs to our global audience.

It’s a fundamental element of our business going forward, and we will continue to adapt to ensure we remain relevant and our events remain the industry’s best.

The global appetite and requirements for converging has shifted and now more than ever, we are strategically planning our events to adapt to these changes in the face of disruption without compromising on the quality of knowledge transfer and outreach.

Technological advancements have given rise to exciting opportunities in developing new formats that allows unlimited real time interaction remotely.

Moving forward, we will deliver a blend of physical and online events, ensuring the best of both worlds. Physical interaction is important to many, whilst travel and time away from the office isn’t always necessary to reach new markets.

For 2021, through careful research and planning, we have curated bespoke events online and offline with your interest in mind.

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  • 17th June 2021

17th June 2021

Forum Agenda

  • 17th June 2020

17th June 2020

Keynote Address
Ghulam Muhammad Abbasi Director Islamic Banking Department, State Bank of Pakistan

Ghulam Muhammad Abbasi
Director Islamic Banking Department, State Bank of Pakistan

New Opportunities for Islamic Finance in Pakistan

What does the new Strategic Plan for Islamic Banking Industry mean for the Pakistani Islamic finance services industry and are growth targets for the sector realistic? What does the domestic Islamic finance ecosystem still require from regulators and market participants for it to flourish across multiple product areas and asset classes? With such measures in place, what would constitute success for Islamic finance in Pakistan? How can regulatory, taxation, Shariah governance and legal frameworks be fine-tuned? Are current liquidity management tools for Islamic banks sufficient? How can Islamic financial institutions play a more meaningful role funding the Pakistani SME, corporate and government-linked sector, as well as the important housing finance market? How do the SBP’s Islamic refinance schemes work and what do they offer? What opportunities does the SBP’s recently announced Digital Bank Regulatory Framework offer and where is Shariah compliant Fintech in Pakistan? Is Islamic finance being effectively deployed to promote financial inclusion, sustainability and social impact in Pakistan, and will we see the deployment of products such as green Sukuk? We ask a respected panel for their views.

Moderator:
Yavar Moini, Senior Investment Officer, International Finance Corporation

Yavar Moini
Senior Investment Officer, International Finance Corporation

Panelists:
Ahmed Ali Siddiqui Group Head - Shariah Compliance, Meezan Bank

Ahmed Ali Siddiqui
Group Head - Shariah Compliance, Meezan Bank

Ghulam Muhammad Abbasi Director Islamic Banking Department, State Bank of Pakistan

Ghulam Muhammad Abbasi
Director Islamic Banking Department, State Bank of Pakistan

Mufti Irshad Ahmed Aijaz Chairman, Shariah Advisory Committee State Bank of Pakistan and Chairman, Shariah Advisory Committee Securities & Exchange Commission of Pakistan

Mufti Irshad Ahmed Aijaz
Chairman, Shariah Advisory Committee State Bank of Pakistan and Chairman, Shariah Advisory Committee Securities & Exchange Commission of Pakistan

Tayyaba Rasheed, Head of Investment Banking Group, Faysal Bank

Tayyaba Rasheed
Head - Investment Banking Group, Corporate & Investment Banking, Faysal Bank

Advisory Board

Ahmed Ali Siddiqui Group Head - Shariah Compliance, Meezan Bank

Ahmed Ali Siddiqui
Group Head - Shariah Compliance, Meezan Bank

Dr. Irum Saba, Assistant Professor, Department of Finance, Institute of Business Administration-Karachi, Pakistan

Dr Irum Saba
Assistant Professor, Department of Finance, Institute of Business Administration-Karachi, Pakistan

Muhammad Faisal Shaikh Head - Islamic Banking, Faysal Bank

Muhammad Faisal Shaikh
Head - Islamic Banking, Faysal Bank

Shaiful Kamarul Bin Mohammed, Senior Country Manager, Indonesia, The Islamic Corporation for the Insurance of Investment and Export Credit

Shaiful Kamarul Mohammed
Senior Country Manager, Indonesia, The Islamic Corporation for the Insurance of Investment and Export Credit

Yavar Moini, Senior Investment Officer, International Finance Corporation

Yavar Moini
Senior Investment Officer, International Finance Corporation

Partners

LEAD PARTNER

MULTILATERAL STRATEGIC PARTNERS

The Islamic Corporation for the Development of the Private Sector (ICD)

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The Islamic Corporation for the Development of the Private Sector (ICD) is a multilateral development financial institution and is part of the Islamic Development Bank (IDB) Group.

The ICD was established in November 1999 to support the economic development of its member countries through the provision of finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to governments and private companies and encouraging cross-border investments.

The ICD has an authorized capital of US$4 billion. Currently, the shareholders of the ICD are the IDB (50%), 53 Islamic countries (30%) and five public financial institutions (20%).

ICD mandate and objectives

The ICD fosters sustainable economic growth in its 53 member countries by:

  • Financing private sector investment
  • Mobilizing capital in the international financial markets, and
  • Providing advisory services to business and governments.

The ICD selects the financing projects based on their contribution to economic development considering factors such as job creation, Islamic finance development, contribution to exports, etc. The ICD also provides advisory services to governments and private sector groups on policies designed to encourage the establishment, expansion and modernization of private enterprises, the development of capital markets, best management practices and to enhance the role of the market economy. The ICD operates to complement the activities of the IDB in member countries.

The ICD is rated ‘AA/FQ’ by Fitch Ratings, ‘Aa3/P-1’ by Moody’s Investors Service and ‘A+’ by Standard & Poor’s.

FOR MORE INFORMATION

Tel: (966-12) 6361400; (966-12) 6441644

Fax: (966-12) 644 4427

Email: [email protected]

Website: www.icd-ps.org

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The Islamic Corporation for The Insurance Of Investment And Export Credit (ICIEC)

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Established 26 years ago in 1994 as a multilateral institution and a member of the Islamic Development Bank Group, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) was tasked to promote cross-border trade and foreign direct investments in its member countries.

The ICIEC’s mission is to make trade and investment between member countries and the world more secure through the Shariah compliant risk mitigation tool. Its vision is to be recognized as the preferred enabler of trade and investment for sustainable economic development in member countries.

The ICIEC is the only multilateral export credit and investment insurance corporation in the world that provides Shariah-compliant insurance and reinsurance solutions.

Today, the ICIEC supports trade and investment flows in 47 member countries spanning across Europe, Asia, the Middle East and Africa. Its target clients are corporates (both exporters and investors), banks and financial institutions as well as export credit agencies and insurers.

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International Islamic Trade Finance Corporation

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The International Islamic Trade Finance Corporation (ITFC) is a member of the IDB Group. It was established with the purpose of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. The ITFC commenced operations in January 2008 and has since consolidated all trade finance businesses that used to be handled by various windows within the IDB Group. Earning an ‘A1’ rating from Moody’s Investors Service reflects the ITFC’s efficiency in service delivery by responding swiftly to customer needs in a market-driven business environment.

Since 2008, the ITFC has provided more than US$40.2 billion of trade financing to OIC member countries, making it the leading provider of trade solutions for the needs of OIC member countries. With a mission of being a catalyst for trade development among OIC member countries and beyond, the ITFC helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

 

Contact us at:

Twitter: @ITFCCORP
Facebook: @ITFCCORP
Linkedin: International Islamic Trade Finance Corporation (ITFC)

Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: [email protected]
Website: http://www.itfc-idb.org/en

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IsDB Group Business Forum (THIQAH)

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The Islamic Development Bank Group Business Forum (THIQAH) is the window of the IsDB Group that facilitates contact and coordination between entities concerned of the IsDB Group and private sector firms and related institutions in IsDB Group member countries. The main objective of THIQAH is to establish a unique platform for effective dialogue, cooperation and inclusive partnership for business leaders committed to partnering in promising investment opportunities. Through facilitation and catalyst roles, THIQAH will be leveraging the IsDB Group’s resources to offer necessary services and confidence to investors and to establish strategic partnerships with the leaders of the private sector. The primary focus will be on maximizing cross-border investment among member countries to be supported by IsDB Group’s financial products and services. (www.idbgbf.org)

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PARTNERS

Akin Gump Strauss Hauer & Feld LLP

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Akin Gump is a global law firm with more than 900 lawyers and advisors who pride themselves on dedication to their clients and their communities. With 20 offices worldwide, the firm is renowned for numerous market-leading practices, its strengths in complex corporate and finance transactions and restructurings, high-stakes litigation, public policy and regulatory matters and its unyielding pro bono commitment.

With an integrated team of lawyers based in New York, London, Dubai and Abu Dhabi, the firm’s Islamic finance practice offers clients around the world a highly experienced team advising on Shariah compliant finance and investment, including acquisition finance, syndicated and bilateral financings, fund finance and asset and project finance transactions.

Members of the team are known for developing innovative structures and their commercial approach, creating bespoke solutions to help clients achieve their goals through first-of-a-kind and award-winning transactions.

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DDCAP Group

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Founded in 1998 and headquartered in London, with an office in Dubai and a presence in both Saudi Arabia and Malaysia, DDCAP is a leading provider of asset facilitation services and financial technology and system solutions across a diverse range of Shariah compliant products, asset classes and instruments in both the primary and secondary markets. DDCAP’s wholly-owned subsidiaries include DD&Co and DDGI. DDCAP has an extensive track record within the Islamic finance industry, employing over 35 professionals with broad and complementary skill sets drawn from diverse financial industry backgrounds, focused principally on providing service to Islamic financial market participants around the world. DDCAP has its own Shariah supervisory board comprising esteemed Shariah scholars from Saudi Arabia, Malaysia and Kuwait. DDCAP’s multi-award-winning Shariah compliant ETHOS Asset Facilitation Platform is a bespoke, real-time trade and post-trade services platform providing 24-hour coverage, enabling clients worldwide to purchase from a diverse asset inventory, including commodities, via a secure, web-based portal.

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Faysal Bank

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Brief history

Faysal Bank was incorporated in 1994 with the sole aim of helping people and businesses grow financially. Fully equipped with the skills and professionalism, we are not just a bank, but an integral partner in our customer’s journey toward economic and financial excellence.

We emerged in the banking industry with the competent backing of highly qualified leadership and professional excellence of our parent company, Ithmaar Bank — a Bahrain-based Islamic retail bank that provides retail, commercial, treasury, financial and other banking services.

Faysal Islamic Banking

Faysal Bank launched its first dedicated Islamic branch in August 2009. Within 10 years, Faysal Islamic Banking grew to be the largest Islamic branch network of a conventional bank in Pakistan, having 250-plus dedicated Islamic banking branches among a network of 450-plus branches.

Our Islamic banking practices are well researched, under State Bank of Pakistan regulations and Shariah principles.

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Meezan Bank

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Meezan Bank, Pakistan’s first and largest dedicated Islamic bank, is a publicly listed company with a paid-up capital of PKR10 billion (US$64.22 million). It is one of the fastest-growing financial institutions in the banking sector of the country. With its vision of establishing ‘Islamic banking as banking of first choice…’, the bank commenced operations in 2002, after being issued the first-ever Islamic commercial banking license by the State Bank of Pakistan.

VIS Credit Rating Company (formerly JCR-VIS Credit Rating Company) has reaffirmed the bank’s long-term entity rating of ‘AA+’ and short-term rating of ‘A1+’ with a stable outlook. The rating indicates the sound performance indicators of the bank. Meezan Bank is the only fully-fledged Islamic bank with a ‘AA+’ credit rating in the Islamic banking industry in Pakistan.

The bank provides a comprehensive range of Islamic banking products and services through a retail banking network of over 820 branches in more than 240 cities across Pakistan.

Meezan Bank has also been awarded the industry’s most prestigious recognition — ‘The Best Bank for 2020 Award’ — by Pakistan Banking Awards, the most prestigious awards in the country’s banking sector. Two years ago, Meezan Bank had won this award for the first time. This award aims to holistically assess a bank on all aspects and is awarded to the bank that has demonstrated:

  • The most significant contribution to national development, and
  • The most effective management of its resources including employees, clients, franchise, community and finances.

Meezan Bank has one of the highest returns on equity in the banking industry for the past three years, averaging over 30%. The increase in the bank’s stock’s total return price has been 241% since 2015 with a compounded annual growth Rate of 27.9%. Over the same period, its stock also outperformed the benchmark index of the PSX 100 Index as well as the KMI 30 Index, demonstrating the strength of the bank and the confidence of its investors as well as the stock market in general.

Meezan Bank has also been ranked as the strongest bank in Pakistan by Balance Sheet Evaluation and the 36th-strongest among 500 banks in the Asia Pacific region in The Asian Banker’s 2020 rankings, another solid reflection of its performance. Meezan Bank is, Alhamdulillah, a strong entity that provides excellent returns to shareholders and is indeed an investment of choice for them.

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Moody’s Investors Service

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Moody’s is a global risk assessment firm that empowers organizations to make better decisions. Its data, analytical solutions and insights help decision-makers identify opportunities and manage the risks of doing business with others. We believe that greater transparency, more informed decisions and fair access to information open the door to shared progress.

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CONSULTANCY PARTNER

Redmoney Consulting

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Launched in April 2021, Redmoney Consulting is a new and highly focused advisory firm focusing on global Islamic, Ethical, Responsible and Sustainable Finance. Redmoney Consulting is a logical extension of REDmoney Group, the Islamic finance industry’s leading media house with a truly global audience. In addition to Islamic finance, the Group has steadily increased its coverage of the green and sustainable finance sector as the two markets continue to converge. Redmoney Consulting provides an expansive service allowing its consultants to provide advisory and consulting services at the highest level for the most discerning of clients.

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MEDIA PARTNER

Oxford Business Group

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Oxford Business Group (OBG) is a global research and consultancy company with a presence in over 30 countries, from the Middle East, Africa and Asia to the Americas. A distinctive and respected provider of on-the-ground intelligence on many of the world’s fastest growing markets, OBG has offices in London, Berlin, Dubai and Istanbul, and a network of local bureaus across the countries in which we operate.

Through its range of products, OBG offers comprehensive and accurate analysis of macroeconomic and sectoral developments, including banking, capital markets, tourism, energy, transport, industry and ICT. OBG provides business intelligence to its subscribers through multiple platforms: Economic News and Views, OBG Business Barometer – CEO Survey, Roundtables and conferences, Global Platform – exclusive video interviews, The Report publications and its Consultancy division.

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About REDmoney Events

REDmoney Events

REDmoney events designs, organizes and hosts industry-leading conferences, forums, roadshows, seminars and dialogues focusing on the Islamic financial markets across a global, regional and national level. Leveraging an exceptional network of the industry’s elite and supported by the expertise of the REDmoney publishing and seminars divisions, REDmoney Events are able to provide access to a unique array of influential speakers, panellists and participants from a cross-section of the global industry to debate the most significant issues affecting the Shariah compliant financial markets.

REDmoney events are differentiated by their complimentary yet qualified attendance structure, ensuring the highest quality of both delegates and contributors. Comprehensive and cutting-edge, attendance ensures exclusive access to the leaders in their field across all sectors and markets.

The annual IFN Asia Forum has been the biggest event in the industry since its inception in 2006, attracting over 1,000 delegates annually. An annual line-up of Forums are also conducted across emerging markets and key jurisdictions. Included under REDmoney Events are the IFN Awards Ceremonies, which take place annually in Dubai and Kuala Lumpur, and attract more than 800 industry leaders.

For any inquiries contact us

Our team will be glad to answer any questions you may have about this event.

Contact Us

About Us

REDmoney Events designs, organizes and hosts industry-leading conferences, forums, roadshows and seminars focusing on the Islamic financial markets across a global, regional and national level.

+603 2162 7800
[email protected]

Our Publications

  • Islamic Finance news
  • IFN Halal Finance
  • UK Islamic Finance
  • IFN Fintech

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