Karachi hosts inaugural First HABIB METRO Sirat Islamic Banking Summit



HABIBMETRO Sirat, the Islamic banking brand of HABIBMETRO Bank, organized the first HABIBMETRO Sirat Islamic banking summit, which was attended by various stakeholders including officials from the State Bank of Pakistan (SBP), Pakistan Stock Exchange (PSX), and Securities and Exchange Commission of Pakistan (SECP), as well as CEO’s and Shariah Board Members of various banks, Shariah scholars, and businessmen.

The summit was held in honor of the visit of HABIBMETRO Sirat’s Shariah Board Chairman Tan Sri Dr. Daud Bakar, a globally renowned Malaysian Shariah scholar and award-winning author. Dr. Daud is the Founder & Group Chairman of Amanie Group and is a Shariah Board Member of various foreign banks. He has been awarded with ‘The Royal Award for Islamic Finance 2022’ by the King of Malaysia.

During the day-long summit, Tan Sri Dr. Daud Bakar held interactive sessions with diverse audience groups and discussed emerging opportunities and challenges in the global Islamic banking industry.

Speaking at the event, Tan Sri Dr. Daud Bakar said, “I am extremely delighted and privileged to be here in Pakistan and to represent HABIBMETRO Bank, which has established itself as one of the most trusted financial institutions here in Pakistan, courtesy its global vision of advancing forward and playing a pivotal role in shaping the Islamic finance sector of the country.”

The inaugural session of the summit was presided over by Ms. Sima Kamil, Deputy Governor of the State Bank of Pakistan. During her address, the Deputy Governor said, “Finance is a fundamental pre-requisite for growth of any economy and Islamic finance, by virtue of its faith-based nature, offers inherent synergies with risk and rewards mechanisms which offer an ideal solution. Islamic finance structures are derived from Shariah, which dictates that Islamic financial transactions should be supported by underlying productive activities and emphasizes a close relationship between financial transactions and the real economy.”

Discussing the challenges faced towards the transformation of conventional banking into Islamic Banking, she added, “The key challenge here is the adequate supply of Islamic finance experts. There is a growing need for qualified Islamic finance professionals who can spearhead the financial industry to the next stage. However, she assured that the State Bank of Pakistan remains fully committed to providing all possible support and facilitation to the banks during their conversion process.”

Mr. Mohsin Ali Nathani, President & CEO HABIBMETRO while welcoming participation of the esteemed guests at the Banking Summit said, “We are immensely honored to have Tan Sri Dr. Daud Baker, a scholar and author of international repute, chair HABIBMETRO Sirat’s Shariah Board. His visit to Pakistan is an immense learning opportunity for all of us. His guidance and leadership give notable impetus to HABIBMETRO’s Islamic banking segment. His leadership, along with the supportive environment provided by the SBP for promotion of Islamic Banking, will insha’Allah drive meaningful growth in HABIBMETRO Sirat’.”

HABIBMETRO has been promoting Islamic banking for the last 18 years. The bank’s vision is in alignment with the government and SBP’s strategic plan for the promotion and growth of Islamic banking in Pakistan. Sirat is a global brand that offers Islamic products in 5 key markets, with Pakistan being the largest market. The Sirat brand was home-grown in Pakistan and exported to the UK, UAE, South Africa and Switzerland. In Pakistan, HABIBMETRO Sirat is among the top 5 Islamic Banking Windows.

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