AlBaraka Forum Concludes 4th Regional Conference on Sukuk for Sustainable Development
Sukuk as a powerful tool for financing sustainable projects
The 4th AlBaraka Forum Regional Conference was successfully held on January 28, 2024, at Marriott Hotel, Karachi, under the theme “Sukuk for Sustainable Development: International Best Practices.” Organized by the AlBaraka Forum for Islamic Economy in collaboration with the Islamic Chamber of Commerce and Development (ICCD) and supported by AlBaraka Bank Pakistan, the conference highlighted the growing role of Islamic finance and Sukuk in driving sustainable economic growth. Prominent speakers included Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan, H.E. Mr. Akif Saeed, Chairman of SECP, and Justice Syed Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan. Chief guests Mr. Ahsan Iqbal and Mr. Zafar Masud addressed the event via video messages, emphasizing Sukuk’s transformative potential.
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Key discussions focused on Sukuk as a powerful tool for financing sustainable projects, including renewable energy and green infrastructure, aligning profitability with ethical investments. The event explored global best practices, regulatory challenges, and legal frameworks influencing Sukuk issuance. A special session highlighted Pakistan’s Supreme Court’s decision to transition towards a fully Islamic banking system, setting a precedent for other countries. The conference also featured a video on the history and evolution of Sukuk, illustrating how it has emerged as a key financial instrument worldwide. The successful issuance of Ijarah Sukuk worth PKR 3.25 trillion by the Government of Pakistan was also discussed.
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The event concluded with an emphasis on enhancing transparency, standardization, and regulatory advancements in the Sukuk market. Productive discussions led to actionable recommendations for expanding the role of Sukuk in sustainable finance. In her closing remarks, Ms. Aalia Jafar, Director of International Relations at ICCD, reaffirmed the AlBaraka Forum’s commitment to promoting ethical and innovative practices in Islamic finance. This conference marked a significant step in strengthening the global Sukuk ecosystem and fostering economic resilience.
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