The Institute of Business Management (IoBM) successfully hosted the 8th International Conference on Islamic Banking and Finance (ICIBF 2024) from November 11 to 13, 2024. The event began with a pre-conference workshop on November 11, followed by the inaugural session on November 12 at a local hotel in Karachi. The conference was organized by IoBM's Centre for Islamic Business & Finance (CIBF) in collaboration with the Department of Accounting and Finance.
The Chief Guest, Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan (SBP), delivered a keynote address emphasizing the importance of embracing a truly Islamic financial system. “While the focus has been on offering Shariah-compliant alternatives to conventional banking products, we must go beyond that. We need to provide a genuine Shariah alternative,” he stated, stressing the need for a comprehensive transformation of the banking ecosystem to achieve a true Islamic economic system. He called for a fair, just, and equitable system that requires collaborative efforts from all stakeholders.
The inaugural session also featured distinguished speakers, including Mr. Talib Karim, President of IoBM; Mr. Bashir Janmohammad, Chancellor of IoBM; Dr. Ishrat Husain, Former Governor of SBP; Mr. Rizwan Ata, CEO & President of BankIslami Pakistan Limited; Mr. Yousaf Hussain, President & CEO of Faysal Bank; and Syed Amir Ali, Deputy CEO of Meezan Bank Limited. IoBM's Rector, Deans, management, and faculty members were among the attendees.
In his welcome address, IoBM President Talib Karim stated, "As an educational institution, it is our responsibility to guide students, our future leaders, towards transforming financial institutions from traditional to Islamic models." He noted that a significant challenge lies in addressing the shortage of skilled manpower within the Islamic finance sector.
ICIBF 2024 gathered presidents, CEOs, financial experts, and policymakers from Pakistan's banking and finance sectors to discuss the future of the industry in light of the Islamic banking mandate. A significant topic at the conference was the recent constitutional amendment requiring the elimination of all forms of Riba (interest) from banks by 2028—a change that, according to Dr. Ishrat Husain, calls for a major disruption in the industry. Dr. Husain warned against a siloed approach among authorities, stressing that such an approach could undermine the core principles of Islamic banking. He also highlighted the challenges posed by the current tax system, which he described as arbitrary and regressive, and called for reform to curb evasion and malpractices.
ICIBF 2024 provided a platform for scholars, practitioners, and policymakers to discuss trends, challenges, and opportunities in Islamic finance. International speakers from Malaysia, Bahrain, the USA, Australia, the UK, and Saudi Arabia participated both in person and online, contributing valuable perspectives to the discussions. The Master of Ceremonies for ICIBF's inaugural session was Ms. Juveria Baig, HoD International Office & Placements, IoBM.
During the ckising ceremony held on November 13, 2024, Mr. Talib Karim, said “As we conclude the 8th International Conference on Islamic Banking and Finance, it was inspiring to see this flagship event expand once again, becoming richer in both the diversity of speakers and the range of relevant topics addressed. This year’s conference was particularly timely as Pakistan’s banking industry approaches the 2028 milestone for a complete transition from conventional to Islamic banking.
“The role of educational institutions like IoBM in this transition is vital. We are committed to preparing a workforce ready to meet the unique challenges and opportunities that Islamic banking presents. To support this goal, we are expanding our curriculum to more extensively integrate Islamic Banking and Finance, while also offering certifications in this field. “ICIBF’s primary aim has been to raise awareness and bring together scholars and researchers to share best practices that advance the field. Additionally, we recognize that the Sustainable Development Goals (SDGs) align strongly with Islamic values, and we will continue to integrate these principles into our Islamic finance education.
President Talib Karim expressed heartfelt gratitude, extending sincere appreciation to Dr. Imam Uddin for his dedication to making the conference a success. He acknowledged the invaluable support of Rector Prof. Dr. Tariq Rahim Soomro; Dr. Muhammad Kashif, Dean CBM, IoBM; as well as the Deans of CCSIS, CESD, and the Accounting and Finance Department. He also recognized the essential contributions from the MARCOM, General Administration, and Housekeeping teams, and thanked the student volunteers for their enthusiastic and dedicated efforts throughout the event. He affirmed their shared commitment to equipping students with the knowledge necessary to shape a more equitable and sustainable future through Islamic banking and finance.