The International Islamic Financial Market (IIFM) and Islamic Research & Training Institute (IRTI) organized a highly specialized, technical conference and workshops on Islamic financial markets on 24 & 25 January 2007 in Karachi at the Marriott Hotel. Meezan Bank was the host and strategic partner for this event and is appointed as IIFM’s representative office in Pakistan to promote its activities. The “Islamic Financial Markets Conference & Specialized Workshops” focused on Sukuk (Islamic bonds), Islamic real estate investment trusts (I-REITs) and market uniformity and standardization issues, under the patronage of State Bank of Pakistan.
The theme of the event was ‘Setting the foundation of a robust and sustainable Islamic financial market’.
State Bank Governor Dr Shamshad Akhtar said, Pakistan is a growing market for Islamic banking and the central bank would extend co-operation to all such institutions that practice this mode of financing. She was speaking as chief guest at the inauguration of the Conference. The governor discussed various aspect of Islamic financial management system and called upon the participants to come up with products distinctly different from the existing banking products and services. She emphasised on the need for research and development that may attract people in Islamic financing. She said, "Such event serve to supplement international Islamic finance markets core work of promoting transparency through Islamic capital market infrastructure initiatives such as contracts standardisation." She said it is indeed an overwhelming feeling to be with experts and practicitioners of Islamic finance. She said such events serve to supplement international Islamic financial market core work of promoting transparency through Islamic capital market infrastructure initiatives such as contracts standardization.
Earlier, Irfan Siddiqui, CEO, Meezan Bank in his welcome address detailed and outlined the aims and objectives of holding conference. “By the grace of Allah Almighty, the foundations for veritable Islamic Banking have been laid. Meezan Bank as the first and largest dedicated Islamic Bank in Pakistan is pleased to support this conference and any such forum that strives to promote Islamic Banking.”
“Islamic finance is one of the fastest growing segments of international finance. The demand for Islamic financial instruments, too, has far outstripped that for conventional products,” said Mr. Ijlal Alvi, Chief Executive Officer of the Bahrain-based IIFM.
Sukuks were the first Islamic products to be launched in 2000. Since then, the sovereign and corporate sukuk in excess of US$50 billion have been issued, with sukuk issuance expected to surpass the US$200 billion mark by 2010.
This year has seen the emergence of another Islamic product, Islamic REITs (real estate investment trust), which is an exciting development for the global Islamic financial services industry, “Islamic REITs have the potential to develop into a viable investment alternative, although there are still some issues to be resolved,” said Mr. Alvi
The increasing dynamism of the Islamic finance industry, as it enters a new phase of product development, is creating an even greater need for strengthening the skills of Islamic finance professionals.
“In this regard, the IIFM’s upcoming conference in Pakistan, which targets a professional audience of industry practitioners and scholars, is an extremely useful tool in disseminating the latest developments and innovations in Islamic finance and financial instruments...Such events serve to supplement IIFM’s core work of promoting transparency through Islamic capital market infrastructure initiatives such as contracts standardization.” said Mr. Alvi