Karachi – January 30 th , 2025: The AlBaraka Forum for Islamic Economy, in collaboration with
the Islamic Chamber of Commerce and Development (ICCD) and with the platinum partnership
of Al Baraka Bank Pakistan, successfully concluded the 4th AlBaraka Forum Regional
Conference on January 28th, 2024 at Marriott Hotel, Karachi, Pakistan, under the theme “Sukuk
for Sustainable Development: International Best Practices”. This landmark event highlighted the
transformative role of Islamic finance, particularly Sukuk, in driving sustainable economic
growth.
The conference was honored by distinguished speakers including Mr. Saleem Ullah, Deputy
Governor, State Bank of Pakistan, H.E. Mr. Akif Saeed, Chairman of the Securities and
Exchange Commission of Pakistan, Honorable Mr. Justice Syed Mansoor Ali Shah, Senior
Puisne Judge of the Supreme Court of Pakistan, and other key figures from the financial and
development sectors. These leaders shared invaluable insights into the utilization of Sukuk as a
robust tool for funding sustainable development projects.
Mr. Ahsan Iqbal, Federal Minister for Planning, Development & Reform, and Mr. Zafar Masud,
Chairman of the Pakistan Banks' Association, were the chief guests who delivered their keynote
address through video messages.
"Sukuk represents more than just financial instruments; they embody a commitment to
sustainable and ethical development that resonates deeply with our values. This conference has
highlighted the profound impact that Sharia-compliant finance can have on a global scale,
offering innovative solutions for pressing economic and environmental challenges. We are
inspired by the potential of Sukuk to fundamentally transform investment landscapes and drive
meaningful change, ensuring financial practices that are not only profitable but also principled,"
stated H.E. Mr. Yousef Hassan Khalawi, Secretary General of the Albaraka Forum for Islamic
Economy during his welcome remarks.
H.E. Mr Muhammad Atif Hanif, CEO AlBaraka Bank Pakistan, also spoke on the subject of
evaluation of sovereign sukuk to finance the state budget and on empowering SMEs.
The discussions at the event highlighted Sukuk’s pivotal role in financing environmentally and
socially responsible projects, such as renewable energy and green infrastructure, aligning
profitability with ethical investment. The conference addressed regulatory and legal frameworks
affecting global Sukuk issuance and highlighted successful international case studies, offering
practical insights and replicable practices.
The session also spotlighted the landmark decision by Pakistan’s Supreme Court to move
towards a fully Islamic banking system, which sets a precedent for other nations considering
similar reforms.
A video on the “Reality of the Sustainable Sukuk Market Globally” by the AlBaraka Forum was
played that gave an insight into the origin of Sukuk in Muslim societies during their golden
period and how today it has evolved as a major global financial product. The video also
highlighted the successful issuance of Ijarah Sukuk by the Government of Pakistan amounting
to 3.25 tr in the domestic market.
January 30, 2025
The event further facilitated productive dialogues on the challenges and opportunities in the
Sukuk market, including the need for more standardized structures and greater transparency.
The discussion culminated in actionable recommendations for advancing the role of Sukuk in
sustainable finance.
Ms. Aalia Jafar, Director of International Relations at the Islamic Chamber of Commerce and
Development, closed the conference with remarks that underscored the commitment of the
AlBaraka Forum to fostering innovation and ethical practices in Islamic finance.
