Karachi January 2, 2023: BankIslami, Pakistan’s leading Islamic bank, and Institute of Business Management (IoBM), one of the top academic institutes in the country entered into an agreement to establish a “Center for Islamic Business & Finance” in Karachi on 28th December, 2022.
The MoU signing ceremony was held at the main campus of IoBM and was attended by CEO of BankIslami Syed Amir Ali, President IoBM Mr. Talib S. Karim, and other key personnel from both organizations. As part of the arrangement, BankIslami will assume the role of “Knowledge Partner and Founding Sponsor” through which the Bank will assist the Center in different areas such as development, launch and delivery of courses, certifications, programs pertaining to Islamic Banking and Finance.
BankIslami will facilitate academic research being carried out by IoBM faculty and scholars in different areas of Islamic Banking and Finance. Further, the Bank will arrange trainers and speakers for conducting the aforementioned courses, certifications, programs. Further, the students will be able to join BankIslami in their Graduate Trainee and Management Trainee programs which are fast-track entry level positions for budding Islamic Finance enthusiasts.
Commenting on the occasion, Syed Amir Ali gave an optimistic verdict regarding the impact of the Center on the Islamic Banking and Finance landscape in the country. “The Islamic Banking and Finance industry has shown growth of around 20% consistently over the years and currently holds a 19% market share of the Banking Industry. This shows the acceptance of the masses and the potential for career opportunities. Due to the expansive trajectory of Islamic Banking industry, there is a need for Islamic finance professionals in Pakistan and we are welcoming to the top talents of our country to join us in our journey towards “Saving Humanity from Riba”. I hope this Center bridges the gap between Academics and Industry which results in more skilled and productive human resources.”
Mr. Talib Karim said that Islamic banking and finance are the future, and we should facilitate human resource development. Echoing Syed Amir Ali’s comments, he advised gauging the Center’s performance regularly and continuous monitoring of the action points of the MoU to achieve mutual success. Mr. Talib Karim appreciated BankIslami’s support to IoBM in the fields of research and envisioned the creation of degree programs to facilitate Islamic banking.
IoBM also agreed through a separate MOU to facilitate Mashal Women Banking Initiative of BankIslami by conducting women financial literacy sessions, digital skills for women entrepreneurs, financial outreach and financial inclusion of women.
Representing BankIslami Pakistan were Mufti Javed Ahmad, Resident Shariah Board Member; Mr. Kashif Nisar, Head of Products & Shariah Structuring; Mr. Muhammad Irfan Ahmed, Head of Shariah Compliance; Mr. Muhammad Fahim Siddiqui, National Product Manager, Distribution and Head Women Financial Services Department; and Syed Fahad Bin Tariq, Head of Marketing. IoBM was represented by Dr. Imam Uddin, Head of Accounting & Finance Department, IoBM’s Rector, Dean, Head of Departments, and other management.
NOTES TO THE EDITOR
About BankIslami:
With a network of more than 350 branches in over 123 cities nationwide, BankIslami Pakistan Ltd. was the first Islamic commercial bank to receive the Islamic banking license under the Islamic banking policy of 2003 from State Bank of Pakistan on March 31, 2005. The Bank started its operations from 7th April 2006 and offers Shariah compliant retail banking, investment banking, consumer banking, and trade finance products. For more information, please visit: https://bankislami.com.pk/
