Islamic FinTech: Meezan Bank and Iqra University launch Centre for Excellence in Karachi

Islamic FinTech received a major boost in Pakistan as Meezan Bank and Iqra University jointly established the IU Centre for Excellence in Islamic FinTech (IU CEIF) to promote research, innovation and capacity-building in Shariah-compliant financial technology.

The Centre was inaugurated at Iqra University’s EDC Defence Campus in Karachi during a ceremony attended by senior policymakers, banking executives, academics and international experts. Deputy Governor of the State Bank of Pakistan, Saleem Ullah, attended the event as the chief guest.

Addressing the ceremony, Saleem Ullah welcomed the collaboration between Meezan Bank and Iqra University and reaffirmed the State Bank of Pakistan’s support for initiatives that strengthen Islamic finance, encourage responsible innovation and expand financial inclusion.

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The newly established Centre will serve as a hub for research, innovation, industry collaboration and professional development at the intersection of Islamic finance and financial technology. It aims to support Pakistan’s growing Islamic finance and FinTech sector by encouraging Shariah-compliant financial innovation and developing future-ready talent.

The event was hosted by Iqra University Vice Chancellor Prof. Dr. Nassar Ikram and Muhammad Farhan Ul Haq Usmani, Honorary Director of the IU Centre for Excellence in Islamic FinTech.

The inauguration brought together international representatives from the General Council for Islamic Banks and Financial Institutions (CIBAFI), Bahrain; Islamic Finance Advisory and Assurance Services (IFAAS), United Kingdom; and INCEIF University, Malaysia. The ceremony was also attended by presidents and chief executives of leading banks, senior Meezan Bank officials, State Bank representatives, academics, students and professionals from the banking and FinTech industries.

In his welcome address, Prof. Dr. Nassar Ikram said the Centre reflects Iqra University’s commitment to advancing knowledge, innovation and industry-focused education in emerging areas of finance and technology. He said the partnership with Meezan Bank would help strengthen the future of Islamic FinTech in Pakistan by connecting academia with industry and encouraging research-driven solutions.

Meezan Bank President and Chief Executive Officer Dr. Syed Amir Ali outlined the bank’s vision for the Centre, emphasising its role in promoting Shariah-compliant innovation, skills development and financial inclusion. He said Pakistan requires a strong Islamic FinTech ecosystem that combines technological advancement with sustainable economic growth.

Muhammad Farhan Ul Haq Usmani presented the Centre’s strategic roadmap and planned initiatives, while an introductory video showcased its focus on research, professional training, industry engagement and innovation.

A panel discussion featuring international experts from academia, banking and the FinTech industry examined opportunities and challenges facing Islamic financial technology in Pakistan. Participants discussed regulation, digital transformation, financial inclusion and talent development.

The ceremony concluded with a ribbon-cutting ceremony, presentation of souvenirs, group photographs and a guided tour of the newly established FinTech Lounge.

Meezan Bank and Iqra University said the Centre will serve as a long-term platform for research, innovation, industry engagement and capacity-building, contributing to the continued growth of Pakistan’s Islamic finance and FinTech ecosystem.