KARACHI – RedMoney Group, a global provider of specialized Islamic Financial media services, hosted an event titled, “IFN Pakistan Forum 2019” in Karachi. Pak-Qatar Takaful proudly participated at the event.
Mr. Azeem I. Pirani, DCEO Pak-Qatar General Takaful along with other senior officials from the Islamic Finance Industry participated in a panel discussion on “Financial Inclusion trough Islamic Finance” which included conversations on economic empowerment, driving financial inclusion through microTakaful, and Islamic Mutual Funds and market efficiency. The discussion was moderated by Mr. Yavar Moini, Financial Sector Expert, World Bank Group.
Discussions on critical issues were presented by the panel speakers at IFN Pakistan Forum as well as potential solutions were highlighted for maximum financial inclusions via Islamic Finance. Takaful as a whole is going to play a major role in the coming years for maximum turnover in the industry.
About IFN Pakistan Forum
Favorable demographics and strong political will have supported Pakistan in becoming one of the most promising Islamic financial markets in the world.
Home to the second-largest Muslim population globally, the Pakistani government is committed to advancing its Shariah finance industry with effective regulations and measures, and has had considerable success building its industry from banking, funds, Sukuk and Takaful.
Shariah banking institutions have been registering steady expansion: as at the end of June 2018, Islamic banking assets were recorded at PKR2.48 trillion (US$18.54 billion), up 21.57% from PKR2.04 trillion (US$15.25 billion) as at the end of June 2017. Islamic banking deposits also realized an increase from PKR1.72 trillion (US$12.86 billion) as at the end of June 2017 to PKR2.03 trillion (US$15.18 billion) a year later. In terms of financing facilities, the diminishing Musharakah has been a favorite among providers and clients (33.7%) as at the end of June 2018, followed by Musharakah (20%).
The South Asian nation has also made its mark in the Sukuk landscape: under its Sukuk regulations, the sovereign has tapped the international market several times, most recently in the form of a US$1 billion facility issued in April 2019 which received overwhelming demand. The positive Sukuk momentum is also gaining ground in the corporate space.
The State Bank of Pakistan (SBP) and the Securities and Exchange Commission of Pakistan (SECP) continue to support the industry and have dedicated themselves to building an enabling environment for the industry. et, the Islamic Republic still has room to grow and to realize its full potential. It is against this backdrop that IFN returns to Pakistan with its acclaimed IFN Pakistan Forum series which provides local regulators and market players as well as interested stakeholders an impartial and invaluable platform to identify critical issues and objectively discuss potential solutions.
