KARACHI – The 4th AlBaraka Forum Regional Conference, held at Marriott Hotel, Karachi, successfully explored the transformative role of Sukuk in driving sustainable economic growth. Organized by the AlBaraka Forum for Islamic Economy in collaboration with the Islamic Chamber of Commerce and Development (ICCD) and with Al Baraka Bank Pakistan as the platinum partner, the event centered around the theme “Sukuk for Sustainable Development: International Best Practices.”
The conference featured distinguished speakers, including Mr. Saleem Ullah, Deputy Governor, State Bank of Pakistan, H.E. Mr. Akif Saeed, Chairman, Securities and Exchange Commission of Pakistan, and Justice Syed Mansoor Ali Shah, Senior Puisne Judge, Supreme Court of Pakistan. They provided key insights on Sukuk as a vital financing tool for sustainable development projects.
Federal Minister for Planning, Development & Reform, Mr. Ahsan Iqbal, and Chairman of the Pakistan Banks’ Association, Mr. Zafar Masud, delivered their keynote addresses via video messages, emphasizing Sukuk’s potential to align profitability with ethical investments.
H.E. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, highlighted in his opening remarks:
“Sukuk represents more than just financial instruments; they embody a commitment to sustainable and ethical development, offering innovative solutions for economic and environmental challenges.”
H.E. Muhammad Atif Hanif, CEO, AlBaraka Bank Pakistan, spoke on sovereign Sukuk for state financing and the role of Islamic finance in empowering SMEs.
Key discussions revolved around Sukuk’s role in financing environmentally and socially responsible projects, such as renewable energy and green infrastructure. The conference also examined the regulatory and legal frameworks influencing global Sukuk issuance, while showcasing successful international case studies and best practices.
A major highlight was the Supreme Court of Pakistan’s decision to transition toward a fully Islamic banking system, a precedent for nations considering similar reforms.
A documentary by the AlBaraka Forum on the global Sukuk market traced its origins from the golden period of Islamic finance to its evolution as a leading global financial product. The video also showcased Pakistan’s issuance of Ijarah Sukuk worth PKR 3.25 trillion in the domestic market.
The conference concluded with a commitment to advancing Sukuk’s role in sustainable finance, identifying challenges, and proposing actionable solutions for greater transparency and standardization in the market.
Ms. Aalia Jafar, Director of International Relations at ICCD, closed the event, reaffirming the AlBaraka Forum’s dedication to fostering innovation and ethical practices in Islamic finance.
