Pakistan to host an International Conference on Islamic Funds

Islamic Finance and Funds gaining popularity in the backdrop of current global financial crisis: Zubair Mughal

23 February 2012 (Lahore) The Financial world is banking upon the Islamic Finance and Shariah Compliant Investment Funds, in the backdrop of the current global financial crisis, which in turn is bringing a boost to the Islamic Funds and Sukuks. Considering the healthy global growth in this sector, an International Conference is being organized on April 23, 2012 in Karachi in order to strengthen the Islamic finance sector in Pakistan. Research papers will be presented and productive discussions will be undertaken to highlight the role of Pakistan in the global Islamic finance market. Islamic finance is making healthy growth in Pakistan which now stands over 1000 Islamic banking branches from 05 Islamic Banks and 13 Conventional Banks with Islamic finance operations. In addition, we have good support from 05 Takaful Companies, Mudarabah Companies, 20 Islamic Microfinance Institutions, over 30 Sukuk issues and 15 fund managers have launched their Islamic Funds, which have made prominent role of Pakistan in the global Islamic finance canvas.

The organizer of this International Conference and Chief Executive Officer, AlHUda-Centre of Islamic Banking and Economics, Mr Zubair Mughal while declaring the objectives behind this conference, highlighted the valuable contribution by Pakistanis in research, shariah and skilled professionals bringing strong alternative in a difficult financial situation faced by the world.

Mr Zubair added that Islamic funds are rapidly gaining popularity in US$1.3 Trillion worth of global Islamic finance market gaining 6.1% share from over 650 funds spread all over the world, of which the highest 230 is in Saudi Arabia while Malaysia has 172, Cayman Island 59, Bahrain 46, Luxemburg 29, Dubai 16, Singapore 11 are the prominent players in the world.

Zubair Mughl further informed the media that a healthy number of participants from different countries will be attending in this conference which will be followed by a Two Days Specialized Workshop on the Shariah and Regulatory Framework for Islamic Funds on 24^th and 25^th of April, 2012 to be conducted in Karachi, Pakistan.

Islamic Finance and Funds Industry gaining brisk popularity

International Conference on Islamic Funds and Investments opened in Karachi; A large number of investors participated in the Conference

February 23, 2012

(Karachi) An International Conference on Islamic Funds and Investment opened today in a local hotel in Karachi, participated by a large number of investors from UAE, USA, UK, Canada, Malaysia and Qatar. The topics covered on first day of the Conference were, Investment opportunities for Islamic Funds, Shariah status and Mechanism of Islamic Investments and Funds with global trends, Standardization and Brokerage and exchange rules and the Islamic Exchange Indices. The next two days have been allocated for training workshops on the allied topics on Islamic Investments, Marketing and Shariah guidelines. A large number of well known Shariah Scholars and Islamic finance professionals including: Mr Irfan Siddiqui, CEO, Meezan Bank Limited. Pakistan; Majid Siddique Dawood, CEO, Yassar Ltd. UK; Mr. Asif Arif Commissioner, Securities and Exchange Commission of Pakistan; Mr. Saleem Ullah, Director, Islamic Banking State Bank of Pakistan; Omar Farooq Kalair, CEO, Um Financial Group, Canada; Shamshad Nabi, CEO, MUFAP; Prof Dr. Aurangzeb, HOD, Business Administration Department, Dadabhoy Institute Of Higher Education, Karachi; Mohammad Shoaib, CFA, Chief Executive, Al Meezan Investment Management Limited; Nadeem Naqvi, MD, Karachi Stock Exchange Limited, Pakistan; Kavilash Chawla, MD, Nur Global Strategies, Chicago, U.S.A; Ms. Tara Uzra Dawood, Chief Executive Officer, Dawood Capital Management Ltd, Pakistan; Dr. Zubair Usmani Shariah Advisor MCB Bank Limited, Pakistan; Syed Tariq Ali, Executive Director, Pathway Global LLC, UAE; Mufti Muhammad Najeeb Khan, Shariah Advisor, Habib Metropolitan Bank Limited, Pakistan; Qazi Abdul Samad, Shariah Advisor, The Bank of Khyber, Pakistan; Azeem Iqbal Pirani Regional Manager FWU Group and Muhammad Asad, Chief Investment Officer, Al-Meezan Investments Ltd. Islamic finance is making healthy growth in Pakistan which now stands over 1000 Islamic banking branches from 05 Islamic Banks and 13 Conventional Banks with Islamic finance operations. In addition, we have good support from 05 Takaful Companies, Mudarabah Companies, 20 Islamic Microfinance Institutions, over 29 Sukuk issues and 15 Asset Management Companies have launched their Islamic Funds, which have made prominent role of Pakistan in the global Islamic finance canvas. The organizer of this International Conference and CEO, AlHUda-CIBE, Mr Zubair Mughal while declaring the objectives behind this conference, highlighted the valuable contribution by Pakistanis in research, shariah and skilled professionals bringing strong alternative in a difficult financial situation faced by the world. Mr Zubair added that Islamic funds are rapidly gaining popularity in US$1.3 Trillion worth of global Islamic finance market gaining 6.1% share from over 650 funds spread all over the world, of which the highest 230 is in Saudi Arabia while Malaysia has 172, Cayman Island 59, Bahrain 46, Luxemburg 29, Dubai 16, Singapore 11 are the prominent players in the world. Mr Zubair Added that Islamic Funds industry is growing with other aspects of Islamic Finance including Mudarabah and Takaful businesses. Some of these funds are the leading funds in Asian markets as well, which is a matter of honor for Pakistan and can be taken as the source of further development in this sector. He further added that from the bright prospects for Islamic Funds other allied sectors like brokerage houses; stock market indices etc will also gain momentum. The hosts and organizers of the Conference AlHuda Center of Islamic Banking and Economics are organizing it with the technical support of Meezan Bank and UBL Asset Management limited and the support of other including Al-Meezan Investment Management Ltd, Dawood Capital Management Ltd, FWU, Burj Bank Ltd, Dadabhoy Institute of Higher Education, Diyanah Financial Services, Khyber Bank Ltd, ABL Asset Management Ltd, Habib Metropolitan Bank and Babib Mudarabah to make the Conference successful.

International Conference on Islamic Fund and Investment

Greetings from AlHuda Centre of Islamic Banking and Economics – Pakistan

AlHuda Center of Islamic Banking and Economics is a recognized name in Islamic banking and finance Market for Trainings, Research and Advisory over the last six years. We are dedicated to serve the community as a unique institution providing Trainings, Education and Consultancy in the field of Islamic Banking & Finance not only in Pakistan but all over the world.

AlHuda Centre of Islamic Banking and Economics is pleased to invite you on the “International Conference on Islamic Fund and Investment” scheduled to be held on 23 April, 2012 at Avari Tower, Karachi - Pakistan.
The Islamic funds market is one of the fastest growing sectors of financial industry not in Muslim but also in Non Muslim Countries. The key goal to conduct this conference is to highlight the value and importance of Islamic funds, Islamic means of investments and alternatives and to identify the characteristics that distinguish Islamic funds from conventional investments.

At this conference, you will enjoy meeting and setting connections with the key players of Fund & Investment Management Industry. You are requested to “Support & Participate” in this international conference. Your timely confirmation will facilitate us to finalize the event details and schedules. For any further details about conference, please visit: www.alhudacibe.com/Islamicfunds2012

Pakistan is emerging as a global leader of Islamic Microfinance: Zubair Mughal

UN-Millennium Development Goal (MDGs) can be achieved by eliminating Poverty through Islamic Microfinance

01-02-2012
(Istanbul) Two days International summit on Islamic Microfinance is started in Istanbul. The basic purpose behind this summit is to promote Islamic Microfinance and to elucidate the strategy to remove obstacles from its way to progress. Microfinance experts from different continents like Africa, Asia, Europe and America etc. are participating in this Int’l summit. While speaking to the opening session of the Summit, Muhammad Zubair Mughal, Chief Executive Officer, AlHuda Centre of Islamic Banking and Economics said that Pakistan has been acknowledged as a leader of Islamic Microfinance Industry and right now in Pakistan; more than 20 institutions are providing microfinance services. While highlighting the importance of Islamic microfinance, he said that around the world, conventional Microfinance has badly failed and its examples can be clearly seen in India and Latin America. He further added that due to the failure of conventional financial system, many countries in the world are adapting Islamic microfinance system for poverty alleviation through which not only poverty will be eradicated but also a sustained economy shall come into being in these countries.
While addressing to the International Summit, he further added that one reason behind expansion of Poverty is interest base mechanism in Muslim countries, People do not use Financial and Banking system due to interest as it is strictly prohibited in Islam hence forced to live in poverty whereas through Islamic Microfinance by using the financial products based on Shari’ah principles, we can get the people out from poverty. He further highlighted the need assessment of Islamic microfinance in Muslim Countries by saying that 44% of conventional Microfinance clients live in Muslim Countries and United Nations has added half of the countries of Islamic Development Bank in the list of least developed countries which shows that Islamic Microfinance can be used to eradicate poverty from Muslim-Majority Counties. While identifying the Muslim population and poverty in different regions of the world, he said that 85.5% in East Asia, 34% in South Asia, 58% in West Africa, 58% in Caucasus and 97.3% in MENA are Muslims and collectively, in 2.4 Billion population of these regions, Muslims are of 48.3% which clearly shows the need of Islamic Microfinance for poverty alleviation in these countries. He further added that not only Muslims but Non-Muslims can also get benefits from Islamic Microfinance because Islamic Microfinance is not a religion but a system which is equally useful for Muslims and Non Muslims as well and the clear example of this fact is that Non-Muslims consider it very attractive.
He said that Islamic Microfinance is essential to achieve Millennium Development Goals( MDGs), proposed by United Nations for alleviating poverty and social uplifting. He further added that if development of Islamic Microfinance starts right from today, these goals can easily be achieved till 2015. He said that Islamic Microfinance sector is facing difficulties due to apathy of Donors and to fulfill this deficiency, Sukuk (Islamic Bonds) can be issued. He further said that more financial products can be introduced by enhancing research in the field of Islamic microfinance and there are many opportunities for development in this field. AlHuda Centre of Islamic Banking and Economics has established a specific Microfinance help desk so that trainings, research and technical consultation could be provided to Microfinance Institutions worldwide.
In this Summit, the role of Pakistan in the development of Islamic Microfinance has very much appreciated and Pakistan is considered to be as global leader of Islamic Microfinance Industry. This conference will continue for 2 days in Istanbul.