Daily Times

KARACHI: Aimed at raising awareness of and promoting Islamic finance in the country, Bank Alfalah has organised the launch of a book titled ‘Shariah Minds in Islamic Finance’ by world renowned scholar Dr Mohammadd Daud Bakar on Thursday at a local hotel in Karachi.

The book presents unique insights into the life of an international scholar, discusses stakeholders’ expectations and defines the ultimate role scholars should play in shaping the industry’s future.

Dr Bakar is Malaysia’s leading scholar who currently serves as Chairman of the Shariah Advisory Council at the Central Bank of Malaysia, the Securities Commission of Malaysia, Labuan Financial Services Authority and the International Islamic Liquidity Management Corporation (IILM). He is also a Shariah board member of various financial institutions including the National Bank of Oman (Oman), Noor Islamic Bank (Dubai), Amundi Asset Management (France), Morgan Stanley (Dubai), Bank of London and Middle East (London), BNP Paribas (Bahrain), Bank Al Khair (Bahrain), Islamic Bank of Asia (Singapore), Dow Jones Islamic Market Index (New York) and Financial Guidance (USA) among many others.

Addressing an audience of Bank Alfalah’s senior management, heads of Bank Alfalah’s corporate clients, other prominent banking figures from Pakistan, and various media representatives, Dr Bakar said, “Shariah scholars have been the primary catalysts in the Islamic Finance industry’s exponential growth since the 1970s. ‘Shariah Minds in Islamic Finance’ is a story about my personal journey and development as an international Shariah scholar, which mirrors the evolution of the industry.”

He said being a key player in Pakistan’s Islamic Banking industry, the Bank Alfalah management is proud to be the host of this event. “We are privileged to have a scholar of Dr. Bakar’s stature sharing his thoughts with us today,” said Bank Alfalah President and CEO Atif Bajwa. “The launch of ‘Shariah Minds In Islamic Finance’ is of much relevance to Pakistan as Islamic Banking continues to grow here and the country pursues a long-term strategy to promote it.”

Islamic banking recently regained momentum in Pakistan with the central bank’s five-year plan to promote Islamic finance with legislative changes and product incentives.