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Ernst & Young Issued World IslamicBanking Competitiveness Report2011-12
The 8th annual edition of the World Islamic Banking
Competitiveness (WIBC) Report 2011-12 is developed incollaboration with leading global professional services and
advisory firm, Ernst & Young, with a principal focus on
A Brave New World of Sustainable Growth.
The WIBC Report 2011-12 explores the key industry
trends and the critical success factors guiding the global
Islamic banking and finance industry to the next level of
performance and growth.
The global Islamic finance industry has undergone major
transformations in the last few years in its quest to boost
international competitiveness and to build a sustainably
profitable business model.
There has been a focus on product innovation efforts that
aim to provide a more comprehensive array of Shariah-
based products for the market.
The global Islamic finance industry has also seen
significant developments in regulatory frameworks and
Shariah standardization initiatives.
Industry forecast suggests that Islamic banking assets with
commercial banks globally, will reach $1.1 trillion in 2012
(2010: $826bn).
In MENA, Islamic banking assets increased to $416bn in2010, representing a five year CAGR of 20% compared to
less than 9% for leading conventional banks. As new
geographies open up to Islamic banking, the MENA
Islamic banking industry is expected to more than double
to $990bn by 2015. However, there are significant
performance variations across markets. In 2010, average
Return on equity (ROE) of leading Islamic banks declined
to 10%. Also, market valuations appear to be converging
to that of regional conventional peers.
Inside Story 1
Editors Message 2
Local andInternational NewsGet a glimpse of what
has been happening in
the world of Islamic
finance
5
Ask Us by MuftiIbrahim Essa andMufti Javed Ahmed
7
In the SpotlightFind our read of the
month
8
Upcoming Events 9
Institution in theSpotlight
10
ISLAMIC FINANCE INDUSTRY NEWSLETTER
ISLAMIC FINANCE PAKISTAN
VOLUME 3 ISSUE 1 I JAN 2012
O you who believe, be steadfast
for (obeying the commands of)
Allah, (and) witnesses for justice.
Malice against a people should
not prompt you to avoid doing
justice. Do justice. That is nearer
to Taqwa. Fear Allah. Surely,
Allah is All-Aware of what you
do.
(Al-Maida: Ayat No. 8)
Inside this issue
In MENA,
I s l a m i c
b a n k i n g
a s s e t s
increased to
$416bn in
2 0 1 0 ,
representing
a five yearCAGR of
2 0 %
compared to
less than 9%
for leading
conventional
banks. The
M E N A
I s l a m i c b a n k i n g
industry is
expected to
more than
double to
$990bn by
2015.
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Editorial
Page 2 An initiative of IFP forum
Advisory Board
Syed Shahjahan Salahuddin
Mufti Irshad Ahmed Aijaz
Mufti Najeeb Khan
Anwar Ahmed Meenai
Mohammad Aslam
Mujeeb Baig
Faizan Memon
NusratUllah Khan
Muhammad Shahzad
Hussain
Arshad Hussain Zubairi
Ammar Khalid
Rima Farooq
Governance and Islamic Financial Institutions
Corporate Governance refers to the way an organization is directed,
administrated or controlled. It includes the set of rules and regulations that
affect the managers decision and contribute to the way company is perceived
by the current and potential stakeholders. By doing this, it also provides the
structure through which the companys objectives are set and the means of
obtaining those objectives and monitoring performance.
Good corporate governance ensures the accountability of the management
and the Board. It is understood that efficient corporate governance will make
it difficult for inappropriate practices to develop and take root, though itmay not eradicate them immediately.
The Islamic finance industry has been growing rapidly over the last few years.
This is a commendable achievement given the instability prevailing in the
international financial market. Since Islamic Financial Institutions (IFIs) in
many ways are similar to the conventional financial institutions, the
existence of a proper framework of corporate governance is a matter of dire
necessity. However, different from conventional financial institution, IFI has
the responsibility to ensure the compliance with the Shariah principles in its
products, instruments, operations, practices, management etc. as opposed to
conventional financial institutions.IFSB Guiding Principles on Corporate Governance states that an
appropriate mechanism must be created to ensure the compliance with the
Shariah principles. Similarly, IFSB Guiding Principles on Risk
Management states that IFI shall have in place adequate systems and
controls, including Shariah Board/advisor to ensure compliance with the
Shariah principles.
Shariah compliance is the backbone of Islamic banking & finance, giving its
practices the due legitimacy. Good governance boosts the confidence of the
shareholders and the public that all the practices and activities are in
compliance with the Shariah at all times and this can be achieved by having aproper Shariah governance framework.
This issue of IFP is out with a new and improved look where an interaction
between Islamic finance professionals, industrialists, businessmen, Shariah
advisors, students and any another stakeholder can take place. Your
comments and contributions will be highly regarded and sought after.
Let us know, if you know friends or colleagues who, in your view, may benefit from this newsletter. Send us their email
addresses at [email protected]
Editor-in-Chief
Associate Editors
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Competitive Landscape
Growth within the Muslim population
throughout the emerging markets of
Middle East and North Africa (MENA)
and Asia are key drivers behind
increasing demand for Islamic financial
services.
T h e M E N A r e g i o n b o a s t s
macroeconomic synergies that bode
well for future GDP growth. The GCC,
Iraq, Algeria and Libya all have large
hydrocarbon while countries such as
Turkey, Egypt, Saudi Arabia and
Morocco have large human capital
reserves and accumulated wealth.
Governments are utilising their
revenues from hydrocarbon to
stimulate, develop and sustain
economic activity within the region.
Within MENA, the GCC markets are
generally more developed with greater
lending/financing assets to GDP
penetration.
Shariah compliant assets represent a
significant portion of the total banking
system assets of the region.MENA Islamic banking market share
has reached 14%; in the GCC the
Islamic banking market share has
crossed the all important 25%
threshold which means Islamic banks
are competing in the conventional
market.
Strong historical growth, driven by core
Islamic segment; going forward expect
change of play as Islamic banks begin to
compete for mainstream customerswho are open to Islamic or
conventional banking.
Industry is still fragmented with most
Islamic banks holding less than $13bn
assets yet to achieve scale, facing
pressure on profitability.
The largest Islamic banks within the
region are all leaders in their respective
home markets and have expanded
internationally to some degree.
Bank financing activity appears to be
picking up. Regulatory requirements
may induce banks to raise higher-cost
investment/ time deposits. Moreover,
real estate concentration remains a
concern for Islamic banks.
Bus ine s s r epos i t ion ing - (M&A,
conversions, changing business focus)
appear to dominate MENA Islamic
banking. Examples include conversion
of Amrah Bank to Islamic, Royal
Decree passed to allow Islamic finance
industry to commence in Oman,
Bahrain Islamic and Al Salam Bank
announce they are exploring merger,
Goldman Sachs registers a $2bn Islamic
bond programme with the Irish Stock
Exchange and International Bank of
Qatar announces the sale of its Islamic
banking business to Barwa Bank.
Performance Analysis
Islamic banks have experienced a more
painful decline in profitability over
recent years but this now appears to be
stabilizing. They are able to generate
higher financing margins because of
their relatively stronger retail focus.
Equity multiplier suggests that Islamic
banks have room for further expanding
risk weighted assets. Islamic banks
benefit from a higher proportion of
free customer deposits but there is a
tendency that these are of a short
tenure.
After a painful decline in profitability
through the financial crisis the Returnon Assets (ROA) appears to be
stabilizing, but now lower than
conventional banks.
Higher provisions and operating costs
have contributed to the steep decline in
profitability of Islamic banks. Higher
cost to income ratio is a combined
result of modest core banking revenues
and a higher cost base due to
misaligned processes and systems.
Performance culturehigher staff costshou ld t rans l a t e in to be t t e r
performance but Islamic banks lag
behind their conventional peers.
Operating costs are impacting Islamic
banks across the region operating
models need to be made scalable. Both
Islamic and conventional banks have
seen a deterioration in the provision to
income ratio.
While the bigger Islamic banks have
seen comfortable deposit growth, the
smaller institutions have had to raise
expensive investment deposits to meet
liquidity and regulatory requirements.
Average cost of customer funds is lower
for Islamic banks, primarily due to high
share of free deposits in the deposit
mix.
Islamic banks continue to hold more
liquid assets than conventional banks
in most markets. Both Islamic and
conventional banks have a negative
liquidity gap for short-term maturity
band.
Competing to Win The
CEO Agenda
Several Islamic banks have initiated a
comprehensive transformation agenda
for sustainable growth. The search for a
new business model is divided into four
aspects which include operational
efficiency and effectiveness, growth, risk
Page 3
Continued World Islamic Banking Competitiveness Report
Strong historical growth,
driven by core Islamic
segment; going forward
expect change of play as
Islamic banks begin to
compete for mainstream
customers who are open
to Islamic or conventionalbanking.
An initiative of IFP forum
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Competing for customers who are not
driven by Shariah considerations only
service quality is likely to replace
pricing as the primary proposition.Moreover, banks need to review their
customer and market strategies to help
understand customer requirements and
engagement tactics in the new
competitive landscape. Also, banks can
identify trends in customer behavior
and spending to provide suitable
products in line with the customers
needs successful rollout has delivered
increase in retention and profitability.
Banks in the region often use costly
incentives to attract customers but then
spend little on service to retain them
this is unsustainable.
A customer-centric operating modelwhich has processes, built around the
customer are the biggest drivers of
benefits.
Top risks for Islamic Banks are
managing the transformation, to
customer centric business model,
reduced profits and valuations,
geopolitical, macroeconomic shocks,
human capital, including misaligned
compensation structures, product risk,
balancing innovation, law of the land
and Shariah compliance, technology
risk, including absence of fully
compliant/certified systems and
liquidity and associated cost.
While most Islamic banks remain
localized to their GCC base, there is
potential demand for an estimated 100
new Islamic financial institutions across
MENA by 2020.
However, a major impediment to
growth is the weak Islamic finance
infrastructure in several OIC markets.
Country Spotlight
Malaysia, Banking Parameters:
Total banking assets 2010:
US$505bn CAGR (06-10): 9.1%;
Islamic banking market share
2010: 17.3%;
Total banking deposits 2010: US$
360bn and CAGR [06-10] 9.5%;
Banking asset penetration 2010:
220%;
Deposit penetration 2010 : 156%;
Regulators recognise the profit and
loss sharing concept of Islamic
banks;
There are currently 17 Islamicbanks and four international
Islamic banks;
C o n v e n t i o n a l b a n k s a r e
encouraged by the Central Bank to
establish Islamic windows; and
Various incentives (legal & tax) are
provided by the government (e.g.
up to 100%.
Oman, Banking Parameters:
Total banking assets 2010:US$41bn CAGR (08-10): 6.6%;
Islamic banking market share
2010: 0%;
Total banking deposits 2010:
US$27bn CAGR (06-10): 22%;
Banking asset penetration 2010:
70%; and
Deposit penetration 2010: 47%
Islamic finance commentary Royal
Decree to introduce Islamicbanking.
ContinuedWorld Islamic Banking Competitiveness Report
Islamic banks have
experienced a more
painful decl ine in
profitability over recent
years but this now
appears to be stabilizing.
Islamic banks are able to
generate higher financing
margins also because oftheir relatively stronger
retail focus.
Page 4An initiative of IFP forum
The operations of Islamic banks are based on Islamiclaw and differ from conventional banks in terms of
spirit, cultural background and practice. However, both
conventional and Islamic banks operate in a globally
integrated banking industry, which is characterised by
strong competition and rapid changes in technology.
- Dr Farhad Reyazat
Summarized by Ammar Khalid
Meezan Bank Ltd
Designation: Assistance Manager - Treasury Department
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'Best Islamic TechnologyProvider of 2011'
The trophy was granted to Path
Solutions, which was received by
Stanley T. Young, SVP Worldwide
Sales who commented by saying,
"We are delighted to get industry
recognition for the value Path
Solutions brings to the global
Islamic finance industry. This award
is a great achievement and testimonyto our ability to respond to a
challenging year and continue to be
at the forefront of a growing
industry".
IDB Issues $60 Million forHydropower ProjectThe Islamic Development Bank
(IDB) would extend longterm lease
finance (Ijara) facility up to US $60
million to Star Hydro Power
Limited for the development of thePatrind hydropower project.
Oman Islamic EconomicForum, A Success
Key figures within the Islamic
finance industry from across the
world participated in the Oman
Islamic Economic Forum 2011, a
two day event held from the 17-18
December in the nations capital of
Muscat at the Al Bustan Palace Ritz
Carlton Hotel.
Stakeholders, including financialpractitioners, academics, and
business leaders from both Oman
and abroad, attended the event, the
purpose of which was to look at how
Islamic finance can bring future
benefits principally to Oman, as well
as, to the international community.
The event website states that the
event will explore steps Oman
needs to take to develop its Islamic
finance capacity and that it will
offer an agenda for the creation of arobust Islamic finance framework.
Islamic Research andT r a i n i n g I n s t i t u t e
Appoints First MalaysianDirector General
The Dean of Islamic Banking and
F i n a n c i a l I n s t i t u t i o n s a t
International Islamic University
Malaysia has been appointed
Director General of the Islamic
Research and Training Institute(IRTI).
The IRTI is part of the Islamic
Development Bank group (IDB),
which is based in Jeddah, Saudi
Arabia, and Datuk Dr. Mohd Azmi
Omar will be its first Malaysian
Director General.
More Banks Attracted toWorlds First ShariahCompliant Interbank[
More international banks are
attracted to the world's first Shariah
compliant interbank benchmark. It
has been reported that the recently
launched Is lamic Interbank
Benchmark Rate (IIBR) aimed at
raising the quality of the Islamic
capital profile has some more banksknocking at its door.
Best Advisory Firm awardFor the third year in a row EY has
won the Best Advisory Firm award
2011 in December. Andrew
Barstow, MENA Financial Services
Advisory Leader, received the award
on EYs behalf.
Running for its sixth year, The
Islamic Finance and Business awards
are widely considered as benchmarkof excellence.
Page 5 An initiative of IFP forum
Disclaimer:The news included here is on the basis of information obtained from local and international print and electronic media
sources. IFP team does not accept any responsibility about their bona-fide.
Saudi Budget Report Suggests Growing Role for IslamicFinance Across Nation
Following the announcement of Saudi Arabias budget last week in the
capital of Riyadh, despite the lack of mention of Islamic finance models,
they are expected to grow in popularity within the nation over the coming
year.
Looking at the initiatives and plans launched by Islamic finance companies
and banks leading up to the announcement of the nations annual budget, it
would seem that they will be expected to have a growing role across SaudiArabia in 2012. Besides providing funds for small and medium-sized
enterprises (SMEs), which will help create jobs in a nation with a 10%
unemployment rate, the provision of mortgage and housing finance, funding
infrastructure and projects and helping businesses to diversify sources of
funding are expected to be key areas for development. Sukuk, or Shariah-
compliant bonds, are expected to be particularly successful in 2012.
http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=20607/27/2019 IFP - Jan 2012
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Government of PakistanIjara Sukuk
In accordance with provisions of the
notification of GoP Ijara Sukuk
Rules, 2008, another GoP Ijara
Sukuk will be issued as per the
Structure and Assets described in
Annexure C by Domestic Marker
and Monetary Management
Department of State Bank ofPakistan (SBP).
Meezan Bank to provideLong-Term Financing toLinde Pakistan
Meezan Bank Ltd. and Linde
Pakistan Ltd. (formerly known as
BOC Pakistan Limited) have
entered into a Diminishing
Musharakah agreement for the setup
of a new state-of-the-art AirSeparation Plant and related supply
chain equipment in Lahore by Linde
Pakistan.
Re-composition of KSE-Meezan 30 Index (KMI-30)
Karachi Stock Exchange (Guarantee)
Limited has carried-out the exercise
of re-composition of KSE-30 Index
for the review period from January
1st, 2011 to June 30, 2011.
The re-composition has been carried
out on the basis of the criteria of
selection of companies as detailed inthe Brochure of KSE-Meezan 30
Index.
FMAP/NIFT launchesrevaluation rates forSukuks
The Financial Markets Association
of Pakistan (FMAP), in collaboration
with NIFT, has launched two new
Sukuks revaluation benchmark rates
pages. These pages are to be used byIslamic banks, Islamic banking
windows and mutual fund managers
to revalue their holding of Islamic
bonds on daily basis.
FMAPs mandated 6 brokers (who
are already contributing to the
PKRV page for fixed income bonds),
are contributing rates for these
pages.
These pages can be currently viewed
on NIFT/FMA Portal or Reuters
under the names PKISRV GOP
Ijara Sukuk rates) and PKCSRVSLR-eligible public entity Sukuks).
Abdullah Ahmed Muhammad,
General Secretary of FMAP, said the
benchmark rates on Sukuk will go a
long way in bringing uniformity in
the local Islamic Financial market.
PIA gets $100m Islamicfinancing
Pakistan International Airlines has
closed a $100 million Sharia-
compliant financing facility.
The facility was arranged by Abu
Dhabi Islamic Bank, Al Hilal Bank,
Citibank N.A., and United Bank
Limited as mandated lead arrangers
and joint book runners. WarbaBank in Kuwait has joined as lead
arranger. Citibank N.A. is also
performing the role of the account
bank and security trustee.
This innovative Islamic transaction
is secured by PIA`s ticket sales
generated in the UAE and
aggregated through IATA`s Billing
and Settlement Plan, and through
sales by general sales agents.
The three-year facility will be used
for PIA`s general corporatepurposes and reflects investor
confidence in the airline and its
strategic importance to Pakistan.
Insurance Firms may Start Takaful Business
To improve the penetration of insurance sector in country, the Securities
and Exchange Commission of Pakistan has decided that the conventional
insurance companies will be allowed to open Takaful windows and the nec-
essary formalities are expected to be completed by March 2012.
The move has already been initiated by SECP, as a large number of policy
holders are interested to opt for Islamic insurance against the conventional
products, mainly due to religious belief.There are two Family Takaful insurance companies operating in the country
and to broaden the base, SECP has decided to allow more companies into
the Islamic insurance segment.
The conventional insurance companies have large marketing base and net-
work spread across the country. It would help growth of Takaful based insur-
ance in smaller cities and towns where the penetration is not easy for com-
paratively new Islamic insurance companies.
Page 6An initiative of IFP forum
Disclaimer:The news included here is on the basis of information obtained from local and international print and electronic media
sources. IFP team does not accept any responsibility about their bona-fide.
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Managing Finances - A Shariah Compliant Way
By Omar Mustafa Ansari
Reviewed by Aamna Ismail
certain matters particularly relating
to the employees have also been
included in this study. This book
provides a guide to general public,
particularly businessmen, for the
awareness of basic Islamic conceptsneeded for managing business
finances.
It is pertinent to note that there are
certain differences of opinions
between scholars regarding the
permissibility or otherwise of a
opinion of a transaction. In such
cases, the author has avoided to
comment on the permissibility of
the same, although the dissenting
opinion have been disclosed for the
knowledge of the readers.
The book has been written with
special reference to Pakistans
financial market. In this book, the
author has done a great contribution
for all and provided much needed
guidance regarding Islamic finance.
The astounding development of
Islamic banking at global level has
necessitated education and training
for the bankers, businessmen and
savers / investors who are looking
increasingly for the financialproducts which are in harmony with
the principles of the Shariah.
The book Managing Finances - A
Shariah Compliant Way by Omar
Mustafa Ansari is a useful addition
to the available material in this
regard and a valuable guide for all
those who want to manage their
funds in line with the principles of
Shariah. In this book the author has
sufficiently explained the most
proper way of banking operations
and manag ing inve s tment s
according to Shariah.
Employment is also a type of
entrepreneurship in which the
employee renders his services against
a specific return, and accordingly,
It appears to be an
invaluable contribution,
which should go a long
way for people like us in
understanding the
burning topic of our
times.
(Viquar Siddiqui - Ex CEO -
Central Insurance Limited)This is definitely a very
good contribution on the
topic and I am sure, it
will facilitate many
individuals.
(Kamran Wahab Khan -
General Manager - Pakistan
Petroleum Limited)
Page 7An initiative of IFP forum
Book in the Spotlight
About the AuthorOmar is a Chartered Accountant by profession. Presently he is Partner / Head of Islamic Financial Services
Group at Ernst & Young Ford Rhodes Sidat Hyder. Omar has gained professional experience of more than 17
years as partner. His key expertise includes advisory and assurance, auditing, financial reporting, sales tax,investigative auditing, internal controls and mergers etc.
Omar has gained substantial experience in the audit and related services to local and multinational companies
operating in diversified sectors. His area of specialization is providing audit and other services for Islamic finance
industry. The clients he has served / is serving on assurance (including audits) in Islamic finance industry
includes: full-fledged Islamic banks, Takaful companies, Islamic mutual funds and Modarabas.
Besides audit and related services, Omar has acquired diversified experience in
respect of the fields of Islamic finance and banking including Shariah
Compliance inspection manual and operating manual for Islamic commercial
banking and financial institutions.
Omar has been one of the key speakers and trainers for training courses for
Islamic bankers, arranged by the National Institute of Banking and Finance
(NIBAF) - an institute run by the State Bank of Pakistan.
Published by: Time
Management Club
Available at: Fazlee Book
Super Store
Price: Rs. 300/-
7/27/2019 IFP - Jan 2012
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Page 8 An initiative of IFP forum
Ask USBy Mufti Ibrahim Essa and Mufti Javed Ahmed
traditional investment deposits and
shares of the companies that peruseShariah-banned activities like
manufacturing of alcohol, swine trade
and dealing in Riba. Among these
financial papers also are shares of
traditional financial companies,
shares of conventional insurance
companies and also such that
originally deals in permissible
activates, yet Riba-based and other
prohibited dealings constitute a
predominant part of their business
activates.
Question:
Is it lawful in Shariah to allocate a
profit of a certain class or period or
portion of the capital for the
institution or the investment account
holders?
Answer:
The method of profit distribution
Question:
Kindly guide us about the Shariah
rulings regarding the mortgage of
financial papers and Sukuk.
Answer:
It is permissible to mortgage the
financial papers and Sukuk which can
be issued and transacted according to
Shariah, such as Islamic Sukuk and
share s o f I s l amic f inanc i a l
institutions. The shares of companies
whose original act iv ities are
permissible can be added to this
category. It is also permissible to
mortgage usufruct-based Sukuk which
represent common shares in the
usufructs of specific assets. It is not
permissible to mortgage financial
papers and Sukuk that are not issued
or transacted according to Shariah
such as interest-based bonds,
preference shares, debentures. Such
financial papers include also
should be well-known so that no
room is left for uncertainty anddispute and it should be in terms of
ratios of the entire profit of the whole
period. Therefore It is impermissible
to allocate within a single pool, the
profit of a specific type or portion of
the capital or assets into which capital
is converted, for one of the parties i.e.
institution and investment account
holder. It is also impermissible to
allocate within a single pool, the
profit of a certain financial period or
a specific transaction for one party,and the profit of another financial
period or a transaction for the other.
Moves and Promotions
Ahmed Khizer Khan New
President & CEO of Burj Bank
Limited
Mr. Ahmed Khizer Khan has
joined Burj Bank as the
President and CEO. His last
assignment was as Chief
Operating Officer of ICD
(Islamic Corporation for
Development of the Private
Sector), Jeddah.
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Page 9An initiative of IFP forum
Islamic Finance Conference
Event Venue: Butterworths LexisNexis, United Kingdom
Event Date: 25 January 2012
International Conference of Islamic Business (Organized by RIPHAH International)
Event Venue: Islamabad
Event Date: Tentatively in the 2nd week of February 2012
2nd National Islamic Microfinance Conference Pakistan 2012
Event Venue: Lahore, Pakistan
Event Date: 4 - 6 February 2012
2nd Annual Islamic Finance Conference 2012
Event venue: London, U.K
Event Date; 27 - 28 March 2012
7th Annual The World Takaful Conference (WTC 2012)
Event Venue: Dusit Thani Dubai, UAE
Event Date: 16 & 17 April 2012
Middle East Islamic Finance & Investment ConferenceEvent Venue: Dubai
Event Date: 18 April 2012
World Islamic Funds Conference & World Islamic Financial Markets Conference
Event Venue: Bahrain
Event Date: 21 & 22 May 2012
World Islamic Banking Conference
Event Venue: 5 & 6 June 2012Event Date: Singapore
World Takaful Conference (Family Takaful Summit)
Event Venue: Malaysia
Event Date: 11 & 12 June 2012
World Islamic Banking Conference
Event Venue: Bahrain
Event Date: 9, 10 & 11 December 2012
Upcoming Events For the Year
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Institution in the Spotlight
Program RecognitionPGD in Islamic Finance is being offered by The Guidance Institute in collaboration with PAF-KIET.
The diploma will be issued by PAF-KIET which is an institute chartered by the Sindh government and
recognized by the Higher Education Commission (HEC) of Pakistan.
The Guidance Institute is the key learning center and executive training division of the Hikmah
Foundation, a non-profit organization established to make a difference in the education field,
leadership development and personal excellence.Who should aim for Guidance PGD?
Guidance PGD is the right platform for you to pursue yourobjectives if you are a:
Banker - determined to switch to the fast growing Islamic
Banking industry.[Fresh Graduate - aiming to start your career in Islamic
Banking & Finance.[Professional - eager to work in Islamic Financial Institutions in
reg ions l ike Gulf & Malays ia/ S ingapore .
Businessman- planning to understand and make use of Islamic
modes of financing to grow their business in a Shariah
compliant way.
Demand for Islamic Banking &Finance qualification6 full-fledged Islamic banks in Pakistan, 12 banks with Islamic windows and 4 Takaful companies need
qualified and trained Islamic finance professionals in all areas of banking and Takaful. State Bank of
Pakistan projects the need for 12,000 additional Islamic finance professionals by 2012. More than
30,000 will be required by the Gulf-based institutions over the next 5 years.
Unique features of Guidance PGDGuidance PGD program is being conducted in collaboration with PAF-KIET. It is designed as a
rigorous and practical-oriented program as per HEC requirements which are in line with the
international post graduate level teaching standards.
Guidance PGD courses are being conducted by renowned and experienced faculty that
comprises of leading Shariah scholars and Islamic Banking & Finance professionals from the
industry.
Guidance PGD founding team includes accomplished Islamic finance professionals and Shariah
scholars who understand the needs of Islamic finance industry.
Post Graduate Diploma (PGD) in Islamic Finance
Page 10 An initiative of IFP forum
Program Venue:
The venue for the program is
PAF-KIET city campus28 D,
Block 6, PECHS, Sharah-e-
Faisal, Karachi.
For further details
Write to: [email protected]
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