The Centre for Excellence in Islamic Finance (CEIF) at the Institute of Business Administration (IBA) commemorated a significant milestone, celebrating ten years of dedicated service to the Islamic financial sector in Pakistan. The grand event, titled “A Decade of Empowering Islamic Finance,” was hosted at the IBA City Campus in Karachi, bringing together key figures from the banking and academic worlds.
A Decade of Collaborative Success
Dr. Irum Saba, the Director of IBA-CEIF, opened the ceremony with a warm welcome address. She emphasized that the centre's remarkable achievement was made possible through strong collaboration with Islamic financial institutions. Dr. Saba specifically credited the unwavering support from banking authorities like the State Bank of Pakistan (SBP) and expressed deep gratitude to the event's sponsors, which included major players such as Faysal Bank, Meezan Bank, UBL Ameen, and AlBaraka Bank, among others.
Dr. S Akbar Zaidi, the Executive Director of IBA, delivered a special address, highlighting that 2025 is an exceptional year for the institution as it also marks 70 years since IBA's founding. He proudly announced the prestigious AACSB Accreditation earned by the IBA School of Business and Sciences (SBS), a honor that places it among the top 6 percent of business schools globally. Dr. Zaidi also discussed IBA's commitment to strengthening its partnership with the banking sector, the growing importance of the Halal economy, and the need for a strategic 10-year roadmap to guide IBA-CEIF's future.
Global Perspectives and Future Vision
The Guest of Honor, His Excellency Mr. Herman Hardynata Ahmad, the Consul General of Malaysia in Karachi, congratulated IBA-CEIF and underscored the value of the Malaysia-Pakistan collaboration for the progress of the Muslim world. He outlined key global trends, including Malaysia's pioneering role in green sukuk, the rise of digital transformation in Islamic banking, and the expansion of Islamic social finance.
Dr. Ishrat Hussain, the founding chairman of IBA-CEIF and a former governor of the SBP, reflected on the centre's remarkable journey. He stressed that Islamic finance must remain a key driver of economic growth and called for the establishment of more such centres to further strengthen the sector. Dr. Hussain credited the collective effort of the IBA Board for the centre's success, stating that no single individual could claim the achievement.
Charting the Path Forward
The Chief Guest, Mr. Saleem Ullah, Deputy Governor of the SBP, congratulated the centre and recognized it as a leading institution in promoting Islamic finance in Pakistan. He prompted the audience to envision the future economic system once the nationwide conversion to Islamic banking is complete, noting that substantial work still lies ahead.
The event also featured an insightful panel discussion on “Future Trends in Global Islamic Finance and the Role of IBA CEIF,” with experts from across the industry. The celebration concluded on a high note with a pivotal development: the signing of multiple Memorandums of Understanding (MoUs) between IBA and several leading financial institutions, including UBL, BankIslami Pakistan, Raqami Islamic Digital Bank, and Askari Bank Ltd., paving the way for future collaborations and growth in the sector.
