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Forum to promote, strengthen Islamic banking and finance in cis held

* Uzbekistan has great potential for Islamic Banking and Finance

CIS Islamic Banking and Finance Forum was successfully concluded in Tashkent-Uzbekistan, this month. The purpose of that forum was to promote, strengthen and unite the Islamic Banking and Finance industry of the CIS countries, the theme of the forum was ’CIS as new destination for Islamic Finance’, which also addressed financial inclusion, FinTech, Sukuk, Takaful, Islamic capital markets Islamic Microfinance, potential and opportunities of Islamic finance in CIS countries.

Distinguished speakers and industry experts from well serving organizations related to Islamic banking and finance, Islamic insurance (Takaful), and banking industry participated in the event. The aim of the forum was also to discuss the potential of Islamic finance in CIS countries, Investment avenue’s, FinTech, Sukuk, Takaful and Islamic capital markets by gathering stakeholders under one roof. The forum was organized by AlHuda Centre of Islamic Banking and Economics in partnership with multilateral organization Islamic Corporation for Development of Private Sector (ICD) – Islamic Development Bank (IsDB), Uzbekistan Bank Association.

AlHuda arranged an impressive lineup of speakers from different countries with the revealing sessions on the subject matter to explore more options for Islamic Finance industry. Dr. Irfan Yusuf Shami, Ambassador, Embassy of Pakistan, Tashkent, Uzbekistan — the chief guest inaugurated the forum by saying that Islamic Finance is the need of the time and Central Asia needs to keep an eye on the potential of Islamic Banking & Finance and what value it can bring to the current system of International Banking & Finance. Investing in Islamic Banking and Finance will definitely lead to have greater foreign investments promising enhanced global connectivity, improved job creation, socio-economic development and poverty alleviation. This transcending Islamic financial sector will create genuine global opportunities and as Uzbekistan has its own unique position in Central Asia. He further said that I vigorously endorse Pakistan’s ambassadorial role in promoting meaningful contributions to the advancement of Islamic finance at all levels to pave the way towards a better community with potential to make a difference in this world.

Guest of honors including Mr. Kaiser Haneef Naseem — Lead for Banking and Digital Transformation Advisory Services Eastern Europe Central Asia Region — World Bank Group – IFC, Russia, Mr. Hussain Hasanov — Head of Islamic Development Bank — Uzbekistan, Mr. Yerlan Baidaulet — Advisor, Ministry of Investment & Development Kazakhstan, Mr. Bakhtiyar S. Khamidov — General Director, Uzbekistan Banking Association, Uzbekistan, Mr. OdilbekIsakov — Deputy Minister of Finance, Republic of Uzbekistan, Mr. Diyor Mukhamedov — Deputy Director, Capital Market Development Agency, Uzbekistan, Mr. Zafar B. Mustafaev — General Director, Association of Uzbekistan Lessors, Uzbekistan, Mr. Bakhodir Kadirov — General Director, Taiba Leasing LLC, Uzbekistan, and Mr. Makhkamova Gulbahor — Chairman of the Board of Trustees, Micro Credit Fund IMON, Tajikistan also expressed about the Islamic finance potentials and opportunities in CIS countries and possible ways to achieve the milestone.

By addressing the event participants, Mr. Pervez Nasim, Chairman & CEO – Ansar Financial and Development Corporation (AFDC), Canada discussed about the Islamic banking and financial inclusion. He said that Islamic finance can enhance the financial inclusion through FinTech. CIS countries have potential for Islamic banking and finance and can play a pivotal role for its development. To attract the attendees, he talked about how Islamic banking and finance can enhance the living standards of inhabitants and economic justice.

Addressing to the audience, the organizer of CIS Islamic Banking and Finance Forum, Mr. Muhammad Zubair Mughal, Chief Executive Officer, AlHuda CIBE said that Islamic Banking and Finance total volume has crossed $2.6 trillion globally. He said, total Muslim population of CIS countries is estimated 75 million which is good news for growing Islamic Banking and Finance industry. CIS countries’ list consist of 10 countries which includes Kazakhstan, Uzbekistan, Tajikistan, Kyrgyzstan, Turkmenistan, Azerbaijan, Russia, Armenia etc. The most important factor of the growth of Islamic banking and finance industry in CIS countries is the Islamic Development Bank’s projects whereas, ICD also has huge investment for Islamic banking and Islamic leasing avenues in CIS countries, which includes Azerbaijan, Kazakhstan, Uzbekistan, and Kyrgyzstan etc. He further added that AlHuda CIBE has started putting its research, advisory, consultancy and capacity building services in CIS countries for Islamic banking and finance industry from 2006. He concluded that in CIS countries, the Islamic Banking and Finance market can be divided into three parts. At first, there are countries (Kazakhstan, Uzbekistan, Kyrgyzstan and Azerbaijan) where the growth speed of Islamic Banking and Finance industry is satisfactory and these countries want to promote this sustainable financial alternative. Secondly, there are countries (Tajikistan, Turkmenistan and Russia) where the Islamic banking and finance industry exist with low growth rate. At final there are countries like Armenia, Ukraine, and Belarus etc. where there is no initiative taken so far. However, overall Islamic banking and finance position in CIS countries is encouraging.

In the forum, delegates from Ansar Financial & Development Corporation- Canada, World Bank Group – IFC, Uzbekistan, International Turnkey Systems – ITS, Kuwait, Sheikh Ahmed Bin Obaid Al Maktoum LLC, Uzbekistan, Annexure Financial Solutions, China, Pakistan Poverty Alleviation Fund, Pakistan, Sohibkor bank, Republic of Tajikistan, Islamic Corporation for the Development of the Private Sector (ICD), Uzbekistan, Mo Bulak Finance LLC, Kyrgyz Republic, Alif Capital – Tajikistan, World Bank Group – IFC, Russia, and many other delegates from 15+ countries participated in it. In the Forum Financial Inclusion, Financial Technologies, Sukuk, Shariah Structuring for the development of Islamic finance, Takaful, Sustainability, and Islamic Capital Markets were discussed in the broader perspective. Three organizations named Association of Uzbekistan Lessors, Uzbekistan, Uzbekistan Banking Association, Uzbekistan, and Hi-Tech Bank, Uzbekistan also signed MoUs with AlHuda Center of Islamic Banking and Economics at this prestigious event for the growth and development of Islamic banking and finance industry.

The Forum is followed by Two Days “Post Event Workshop on Islamic Banking, Takaful and Islamic Microfinance” dated for May 3-4, 2019. The Workshop covered a variety of allied topics. To learn more about please visit: www.alhudacibe.com/cis2019

About AlHuda CIBE:

AlHuda Center of Islamic Banking and Economics (CIBE) is a well-recognized name in Islamic banking and finance industry for research and provide state-of-the-art Advisory Consultancy and Education through various well-recognized modes viz. Islamic Financial Product Development, Shariah Advisory, Trainings Workshops, and Islamic Microfinance and Takaful Consultancies etc. side by side through our distinguished, generally acceptable and known Publications in Islamic Banking and Finance.

We are dedicated to serving the community as a unique institution, advisory and capacity building for the last twelve years. The prime goal has always been to remain stick to the commitments providing services not only in UAE/Pakistan but all over the world. We have so far served in more than 35 countries for the development of Islamic Banking and Finance industry. For further details about AlHuda CIBE, please visit: www.alhudacibe.com

ACCA, Atlas Copco to promote sustainable business practices, develop talent for digital future

ACCA and Atlas Copco Pakistan have agreed to work together for the promotion of sustainable business practices in Pakistan. Both the organisations will be collaborating to develop future-ready talent to meet the requirements of a digital age.

The focus of their partnership will be to train a new generation of professional accountants who possess a right blend of digital, technical, ethical, strategic and professional skills to meet the future needs and demands of the increasingly digitised profession.

At an exclusive ceremony in Lahore, ACCA also announced the Approved Employer status for Atlas Copco’s operations in Pakistan to recognise company’s efforts to invest in their employees by providing specialist training.

Speaking at the ceremony, Sajjeed Aslam, head of ACCA Pakistan said:

“Organisations have an important role to play in mobilising collaborative action to tackle critical environmental challenges and socio-economic impediments to creating prosperity. Professional accountants will be central to delivering this critical agenda that will be the new engine of global growth – now and into the future.”


At the ceremony, Sohail Shahzad, Chief Executive, Atlas Copco Pakistan (Pvt.) Ltd. emphasised on the importance of digitisation and sustainable commercial activity. He shared that Atlas Copco with its global operations is a leading voice promoting ethical business practices and environment friendliness. He also ensured that the company is fully aware of its social and environmental impact and is making every effort to use resources responsibly. Furthermore, he appreciated ACCA and its members’ role in championing ethics, corporate governance and responsible business practices in Pakistan.

ACCA was also represented by Muhammad Shahid Khan, Head of Business Development – Central, and Ali Ashraf, Business Development Manager – Lahore. The ceremony also featured contributions from Atlas Copco’s leadership, including Nauman Azhar, CFO, Anam Narjis Azhar, Lead Marketing Communication and Ahsan Fayyaz, Human Resource Business Partner.

Established in 2006, Atlas Copco Pakistan has a leading position in sales, service, and marketing of air and gas compressors, portable compressors, generators, construction equipment, and assembly systems. Through training and development opportunities, Atlas Copco will support ACCA affiliates in their journey towards ACCA membership and to become well-rounded finance professionals and strategic business leaders.

With 208,000 fully qualified members and 503,000 students worldwide, ACCA is a leading global body for professional accountants.

Al Baraka signs MoU with Indus Motors Company Limited

In a pact that formed the strategic alliance of Al Baraka Bank Pakistan Limited and Indus Motor Company Limited on Tuesday, both companies agreed to facilitate exclusive financing for consumers on high-priced Toyota vehicles.

The signing ceremony took place in Al Baraka’s Head Office, and was attended by senior officials from both companies – including Abdul Rab, Senior General Manager; Syed Omar, General Manager; Syed Shariq, Deputy Manager and Hamza Faisal, Assistant Manager from Indus Motor Company. Representatives from Al Baraka included Akif Imtiaz, Head of Consumer Finance; Syed Farhan Ahmed, Head of Consumer Credit and Jafar Ali Khan, Head of Assets Product Management.

As part of the MoU, it was decided that Al Baraka Bank would offer exclusive discounted Profit Rates and Takaful Rates for TPL Direct Takaful, EFU, Takaful Pakistan and IGI Insurance to customers purchasing high-value Toyota vehicles above PKR 40 lacs. Customers can now visit any Al Baraka branch or authorized Toyota dealer to avail Al Baraka’s exclusive offer, valid until June 30, 2019.

Officials from both companies lauded the step to make high-value vehicles easily accessible, and expressed positive sentiments on the occasion. “Through this partnership, customers of both companies will greatly benefit,” said Akif Imtiaz.

Al Baraka Bank (Pakistan) Ltd is part of Al Baraka Banking Group B.S.C. (ABG), which is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. ABG is a leading international Islamic banking group with a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries and over 697 branches.

In addition to Pakistan, Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Lebanon, Saudi Arabia, Syria, Morocco and Germany, Iraq and two representative offices in Indonesia and Libya.

METRO Pakistan wins Social Responsibility Award

METRO Cash & Carry Pakistan, the leading international wholesale company, was one of the winners at the prestigious Shaukat Khanam Social Responsibility Excellence Award held by the Shaukat Khanum Memorial Cancer Hospital and Research Centre to recognise their role in the fund raising efforts. METRO Pakistan was among the five organizations across Pakistan that were selected for this prestigious award.

The award, presented by Dr. Faisal Sultan, CEO SKMCH & RC and Senior Journalist Mujeeb Ur Rehman Shami, was received by Mr. Pervaiz Akhtar, Director Corporate Affairs, METRO Pakistan in an impressive ceremony attended by dignitaries, businessmen, corporate heads of over hundred organisations, and friends from media.

Shaukat Khanum Memorial Trust is a renowned Non-Profit organization operating Cancer Hospital & Research Centre providing free cancer treatment to 75% of the patients.

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