ifp - jan 2012

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Ernst & Young Issued World IslamicBanking Competitiveness Report2011-12

The 8th annual edition of the World Islamic Banking

Competitiveness (WIBC) Report 2011-12 is developed incollaboration with leading global professional services and

advisory firm, Ernst & Young, with a principal focus on

A Brave New World of Sustainable Growth.

The WIBC Report 2011-12 explores the key industry

trends and the critical success factors guiding the global

Islamic banking and finance industry to the next level of

performance and growth.

The global Islamic finance industry has undergone major

transformations in the last few years in its quest to boost

international competitiveness and to build a sustainably

profitable business model.

There has been a focus on product innovation efforts that

aim to provide a more comprehensive array of Shariah-

based products for the market.

The global Islamic finance industry has also seen

significant developments in regulatory frameworks and

Shariah standardization initiatives.

Industry forecast suggests that Islamic banking assets with

commercial banks globally, will reach $1.1 trillion in 2012

(2010: $826bn).

In MENA, Islamic banking assets increased to $416bn in2010, representing a five year CAGR of 20% compared to

less than 9% for leading conventional banks. As new

geographies open up to Islamic banking, the MENA

Islamic banking industry is expected to more than double

to $990bn by 2015. However, there are significant

performance variations across markets. In 2010, average

Return on equity (ROE) of leading Islamic banks declined

to 10%. Also, market valuations appear to be converging

to that of regional conventional peers.

Inside Story 1

Editors Message 2

Local andInternational NewsGet a glimpse of what

has been happening in

the world of Islamic

finance

5

Ask Us by MuftiIbrahim Essa andMufti Javed Ahmed

7

In the SpotlightFind our read of the

month

8

Upcoming Events 9

Institution in theSpotlight

10

ISLAMIC FINANCE INDUSTRY NEWSLETTER

ISLAMIC FINANCE PAKISTAN

VOLUME 3 ISSUE 1 I JAN 2012

O you who believe, be steadfast

for (obeying the commands of)

Allah, (and) witnesses for justice.

Malice against a people should

not prompt you to avoid doing

justice. Do justice. That is nearer

to Taqwa. Fear Allah. Surely,

Allah is All-Aware of what you

do.

(Al-Maida: Ayat No. 8)

Inside this issue

In MENA,

I s l a m i c

b a n k i n g

a s s e t s

increased to

$416bn in

2 0 1 0 ,

representing

a five yearCAGR of

2 0 %

compared to

less than 9%

for leading

conventional

banks. The

M E N A

I s l a m i c b a n k i n g

industry is

expected to

more than

double to

$990bn by

2015.

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Editorial

Page 2 An initiative of IFP forum

Advisory Board

Syed Shahjahan Salahuddin

Mufti Irshad Ahmed Aijaz

Mufti Najeeb Khan

Anwar Ahmed Meenai

Mohammad Aslam

Mujeeb Baig

Faizan Memon

NusratUllah Khan

Muhammad Shahzad

Hussain

Arshad Hussain Zubairi

Ammar Khalid

Rima Farooq

Governance and Islamic Financial Institutions

Corporate Governance refers to the way an organization is directed,

administrated or controlled. It includes the set of rules and regulations that

affect the managers decision and contribute to the way company is perceived

by the current and potential stakeholders. By doing this, it also provides the

structure through which the companys objectives are set and the means of

obtaining those objectives and monitoring performance.

Good corporate governance ensures the accountability of the management

and the Board. It is understood that efficient corporate governance will make

it difficult for inappropriate practices to develop and take root, though itmay not eradicate them immediately.

The Islamic finance industry has been growing rapidly over the last few years.

This is a commendable achievement given the instability prevailing in the

international financial market. Since Islamic Financial Institutions (IFIs) in

many ways are similar to the conventional financial institutions, the

existence of a proper framework of corporate governance is a matter of dire

necessity. However, different from conventional financial institution, IFI has

the responsibility to ensure the compliance with the Shariah principles in its

products, instruments, operations, practices, management etc. as opposed to

conventional financial institutions.IFSB Guiding Principles on Corporate Governance states that an

appropriate mechanism must be created to ensure the compliance with the

Shariah principles. Similarly, IFSB Guiding Principles on Risk

Management states that IFI shall have in place adequate systems and

controls, including Shariah Board/advisor to ensure compliance with the

Shariah principles.

Shariah compliance is the backbone of Islamic banking & finance, giving its

practices the due legitimacy. Good governance boosts the confidence of the

shareholders and the public that all the practices and activities are in

compliance with the Shariah at all times and this can be achieved by having aproper Shariah governance framework.

This issue of IFP is out with a new and improved look where an interaction

between Islamic finance professionals, industrialists, businessmen, Shariah

advisors, students and any another stakeholder can take place. Your

comments and contributions will be highly regarded and sought after.

Let us know, if you know friends or colleagues who, in your view, may benefit from this newsletter. Send us their email

addresses at [email protected]

Editor-in-Chief

Associate Editors

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Competitive Landscape

Growth within the Muslim population

throughout the emerging markets of

Middle East and North Africa (MENA)

and Asia are key drivers behind

increasing demand for Islamic financial

services.

T h e M E N A r e g i o n b o a s t s

macroeconomic synergies that bode

well for future GDP growth. The GCC,

Iraq, Algeria and Libya all have large

hydrocarbon while countries such as

Turkey, Egypt, Saudi Arabia and

Morocco have large human capital

reserves and accumulated wealth.

Governments are utilising their

revenues from hydrocarbon to

stimulate, develop and sustain

economic activity within the region.

Within MENA, the GCC markets are

generally more developed with greater

lending/financing assets to GDP

penetration.

Shariah compliant assets represent a

significant portion of the total banking

system assets of the region.MENA Islamic banking market share

has reached 14%; in the GCC the

Islamic banking market share has

crossed the all important 25%

threshold which means Islamic banks

are competing in the conventional

market.

Strong historical growth, driven by core

Islamic segment; going forward expect

change of play as Islamic banks begin to

compete for mainstream customerswho are open to Islamic or

conventional banking.

Industry is still fragmented with most

Islamic banks holding less than $13bn

assets yet to achieve scale, facing

pressure on profitability.

The largest Islamic banks within the

region are all leaders in their respective

home markets and have expanded

internationally to some degree.

Bank financing activity appears to be

picking up. Regulatory requirements

may induce banks to raise higher-cost

investment/ time deposits. Moreover,

real estate concentration remains a

concern for Islamic banks.

Bus ine s s r epos i t ion ing - (M&A,

conversions, changing business focus)

appear to dominate MENA Islamic

banking. Examples include conversion

of Amrah Bank to Islamic, Royal

Decree passed to allow Islamic finance

industry to commence in Oman,

Bahrain Islamic and Al Salam Bank

announce they are exploring merger,

Goldman Sachs registers a $2bn Islamic

bond programme with the Irish Stock

Exchange and International Bank of

Qatar announces the sale of its Islamic

banking business to Barwa Bank.

Performance Analysis

Islamic banks have experienced a more

painful decline in profitability over

recent years but this now appears to be

stabilizing. They are able to generate

higher financing margins because of

their relatively stronger retail focus.

Equity multiplier suggests that Islamic

banks have room for further expanding

risk weighted assets. Islamic banks

benefit from a higher proportion of

free customer deposits but there is a

tendency that these are of a short

tenure.

After a painful decline in profitability

through the financial crisis the Returnon Assets (ROA) appears to be

stabilizing, but now lower than

conventional banks.

Higher provisions and operating costs

have contributed to the steep decline in

profitability of Islamic banks. Higher

cost to income ratio is a combined

result of modest core banking revenues

and a higher cost base due to

misaligned processes and systems.

Performance culturehigher staff costshou ld t rans l a t e in to be t t e r

performance but Islamic banks lag

behind their conventional peers.

Operating costs are impacting Islamic

banks across the region operating

models need to be made scalable. Both

Islamic and conventional banks have

seen a deterioration in the provision to

income ratio.

While the bigger Islamic banks have

seen comfortable deposit growth, the

smaller institutions have had to raise

expensive investment deposits to meet

liquidity and regulatory requirements.

Average cost of customer funds is lower

for Islamic banks, primarily due to high

share of free deposits in the deposit

mix.

Islamic banks continue to hold more

liquid assets than conventional banks

in most markets. Both Islamic and

conventional banks have a negative

liquidity gap for short-term maturity

band.

Competing to Win The

CEO Agenda

Several Islamic banks have initiated a

comprehensive transformation agenda

for sustainable growth. The search for a

new business model is divided into four

aspects which include operational

efficiency and effectiveness, growth, risk

Page 3

Continued World Islamic Banking Competitiveness Report

Strong historical growth,

driven by core Islamic

segment; going forward

expect change of play as

Islamic banks begin to

compete for mainstream

customers who are open

to Islamic or conventionalbanking.

An initiative of IFP forum

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Competing for customers who are not

driven by Shariah considerations only

service quality is likely to replace

pricing as the primary proposition.Moreover, banks need to review their

customer and market strategies to help

understand customer requirements and

engagement tactics in the new

competitive landscape. Also, banks can

identify trends in customer behavior

and spending to provide suitable

products in line with the customers

needs successful rollout has delivered

increase in retention and profitability.

Banks in the region often use costly

incentives to attract customers but then

spend little on service to retain them

this is unsustainable.

A customer-centric operating modelwhich has processes, built around the

customer are the biggest drivers of

benefits.

Top risks for Islamic Banks are

managing the transformation, to

customer centric business model,

reduced profits and valuations,

geopolitical, macroeconomic shocks,

human capital, including misaligned

compensation structures, product risk,

balancing innovation, law of the land

and Shariah compliance, technology

risk, including absence of fully

compliant/certified systems and

liquidity and associated cost.

While most Islamic banks remain

localized to their GCC base, there is

potential demand for an estimated 100

new Islamic financial institutions across

MENA by 2020.

However, a major impediment to

growth is the weak Islamic finance

infrastructure in several OIC markets.

Country Spotlight

Malaysia, Banking Parameters:

Total banking assets 2010:

US$505bn CAGR (06-10): 9.1%;

Islamic banking market share

2010: 17.3%;

Total banking deposits 2010: US$

360bn and CAGR [06-10] 9.5%;

Banking asset penetration 2010:

220%;

Deposit penetration 2010 : 156%;

Regulators recognise the profit and

loss sharing concept of Islamic

banks;

There are currently 17 Islamicbanks and four international

Islamic banks;

C o n v e n t i o n a l b a n k s a r e

encouraged by the Central Bank to

establish Islamic windows; and

Various incentives (legal & tax) are

provided by the government (e.g.

up to 100%.

Oman, Banking Parameters:

Total banking assets 2010:US$41bn CAGR (08-10): 6.6%;

Islamic banking market share

2010: 0%;

Total banking deposits 2010:

US$27bn CAGR (06-10): 22%;

Banking asset penetration 2010:

70%; and

Deposit penetration 2010: 47%

Islamic finance commentary Royal

Decree to introduce Islamicbanking.

ContinuedWorld Islamic Banking Competitiveness Report

Islamic banks have

experienced a more

painful decl ine in

profitability over recent

years but this now

appears to be stabilizing.

Islamic banks are able to

generate higher financing

margins also because oftheir relatively stronger

retail focus.

Page 4An initiative of IFP forum

The operations of Islamic banks are based on Islamiclaw and differ from conventional banks in terms of

spirit, cultural background and practice. However, both

conventional and Islamic banks operate in a globally

integrated banking industry, which is characterised by

strong competition and rapid changes in technology.

- Dr Farhad Reyazat

Summarized by Ammar Khalid

Meezan Bank Ltd

Designation: Assistance Manager - Treasury Department

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'Best Islamic TechnologyProvider of 2011'

The trophy was granted to Path

Solutions, which was received by

Stanley T. Young, SVP Worldwide

Sales who commented by saying,

"We are delighted to get industry

recognition for the value Path

Solutions brings to the global

Islamic finance industry. This award

is a great achievement and testimonyto our ability to respond to a

challenging year and continue to be

at the forefront of a growing

industry".

IDB Issues $60 Million forHydropower ProjectThe Islamic Development Bank

(IDB) would extend longterm lease

finance (Ijara) facility up to US $60

million to Star Hydro Power

Limited for the development of thePatrind hydropower project.

Oman Islamic EconomicForum, A Success

Key figures within the Islamic

finance industry from across the

world participated in the Oman

Islamic Economic Forum 2011, a

two day event held from the 17-18

December in the nations capital of

Muscat at the Al Bustan Palace Ritz

Carlton Hotel.

Stakeholders, including financialpractitioners, academics, and

business leaders from both Oman

and abroad, attended the event, the

purpose of which was to look at how

Islamic finance can bring future

benefits principally to Oman, as well

as, to the international community.

The event website states that the

event will explore steps Oman

needs to take to develop its Islamic

finance capacity and that it will

offer an agenda for the creation of arobust Islamic finance framework.

Islamic Research andT r a i n i n g I n s t i t u t e

Appoints First MalaysianDirector General

The Dean of Islamic Banking and

F i n a n c i a l I n s t i t u t i o n s a t

International Islamic University

Malaysia has been appointed

Director General of the Islamic

Research and Training Institute(IRTI).

The IRTI is part of the Islamic

Development Bank group (IDB),

which is based in Jeddah, Saudi

Arabia, and Datuk Dr. Mohd Azmi

Omar will be its first Malaysian

Director General.

More Banks Attracted toWorlds First ShariahCompliant Interbank[

More international banks are

attracted to the world's first Shariah

compliant interbank benchmark. It

has been reported that the recently

launched Is lamic Interbank

Benchmark Rate (IIBR) aimed at

raising the quality of the Islamic

capital profile has some more banksknocking at its door.

Best Advisory Firm awardFor the third year in a row EY has

won the Best Advisory Firm award

2011 in December. Andrew

Barstow, MENA Financial Services

Advisory Leader, received the award

on EYs behalf.

Running for its sixth year, The

Islamic Finance and Business awards

are widely considered as benchmarkof excellence.


Disclaimer:The news included here is on the basis of information obtained from local and international print and electronic media

sources. IFP team does not accept any responsibility about their bona-fide.

Saudi Budget Report Suggests Growing Role for IslamicFinance Across Nation

Following the announcement of Saudi Arabias budget last week in the

capital of Riyadh, despite the lack of mention of Islamic finance models,

they are expected to grow in popularity within the nation over the coming

year.

Looking at the initiatives and plans launched by Islamic finance companies

and banks leading up to the announcement of the nations annual budget, it

would seem that they will be expected to have a growing role across SaudiArabia in 2012. Besides providing funds for small and medium-sized

enterprises (SMEs), which will help create jobs in a nation with a 10%

unemployment rate, the provision of mortgage and housing finance, funding

infrastructure and projects and helping businesses to diversify sources of

funding are expected to be key areas for development. Sukuk, or Shariah-

compliant bonds, are expected to be particularly successful in 2012.
http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2021http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2086http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060http://www.globalislamicfinancemagazine.com/?com=news_list&nid=2060

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Government of PakistanIjara Sukuk

In accordance with provisions of the

notification of GoP Ijara Sukuk

Rules, 2008, another GoP Ijara

Sukuk will be issued as per the

Structure and Assets described in

Annexure C by Domestic Marker

and Monetary Management

Department of State Bank ofPakistan (SBP).

Meezan Bank to provideLong-Term Financing toLinde Pakistan

Meezan Bank Ltd. and Linde

Pakistan Ltd. (formerly known as

BOC Pakistan Limited) have

entered into a Diminishing

Musharakah agreement for the setup

of a new state-of-the-art AirSeparation Plant and related supply

chain equipment in Lahore by Linde

Pakistan.

Re-composition of KSE-Meezan 30 Index (KMI-30)

Karachi Stock Exchange (Guarantee)

Limited has carried-out the exercise

of re-composition of KSE-30 Index

for the review period from January

1st, 2011 to June 30, 2011.

The re-composition has been carried

out on the basis of the criteria of

selection of companies as detailed inthe Brochure of KSE-Meezan 30

Index.

FMAP/NIFT launchesrevaluation rates forSukuks

The Financial Markets Association

of Pakistan (FMAP), in collaboration

with NIFT, has launched two new

Sukuks revaluation benchmark rates

pages. These pages are to be used byIslamic banks, Islamic banking

windows and mutual fund managers

to revalue their holding of Islamic

bonds on daily basis.

FMAPs mandated 6 brokers (who

are already contributing to the

PKRV page for fixed income bonds),

are contributing rates for these

pages.

These pages can be currently viewed

on NIFT/FMA Portal or Reuters

under the names PKISRV GOP

Ijara Sukuk rates) and PKCSRVSLR-eligible public entity Sukuks).

Abdullah Ahmed Muhammad,

General Secretary of FMAP, said the

benchmark rates on Sukuk will go a

long way in bringing uniformity in

the local Islamic Financial market.

PIA gets $100m Islamicfinancing

Pakistan International Airlines has

closed a $100 million Sharia-

compliant financing facility.

The facility was arranged by Abu

Dhabi Islamic Bank, Al Hilal Bank,

Citibank N.A., and United Bank

Limited as mandated lead arrangers

and joint book runners. WarbaBank in Kuwait has joined as lead

arranger. Citibank N.A. is also

performing the role of the account

bank and security trustee.

This innovative Islamic transaction

is secured by PIA`s ticket sales

generated in the UAE and

aggregated through IATA`s Billing

and Settlement Plan, and through

sales by general sales agents.

The three-year facility will be used

for PIA`s general corporatepurposes and reflects investor

confidence in the airline and its

strategic importance to Pakistan.

Insurance Firms may Start Takaful Business

To improve the penetration of insurance sector in country, the Securities

and Exchange Commission of Pakistan has decided that the conventional

insurance companies will be allowed to open Takaful windows and the nec-

essary formalities are expected to be completed by March 2012.

The move has already been initiated by SECP, as a large number of policy

holders are interested to opt for Islamic insurance against the conventional

products, mainly due to religious belief.There are two Family Takaful insurance companies operating in the country

and to broaden the base, SECP has decided to allow more companies into

the Islamic insurance segment.

The conventional insurance companies have large marketing base and net-

work spread across the country. It would help growth of Takaful based insur-

ance in smaller cities and towns where the penetration is not easy for com-

paratively new Islamic insurance companies.


Disclaimer:The news included here is on the basis of information obtained from local and international print and electronic media

sources. IFP team does not accept any responsibility about their bona-fide.

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Managing Finances - A Shariah Compliant Way

By Omar Mustafa Ansari

Reviewed by Aamna Ismail

certain matters particularly relating

to the employees have also been

included in this study. This book

provides a guide to general public,

particularly businessmen, for the

awareness of basic Islamic conceptsneeded for managing business

finances.

It is pertinent to note that there are

certain differences of opinions

between scholars regarding the

permissibility or otherwise of a

opinion of a transaction. In such

cases, the author has avoided to

comment on the permissibility of

the same, although the dissenting

opinion have been disclosed for the

knowledge of the readers.

The book has been written with

special reference to Pakistans

financial market. In this book, the

author has done a great contribution

for all and provided much needed

guidance regarding Islamic finance.

The astounding development of

Islamic banking at global level has

necessitated education and training

for the bankers, businessmen and

savers / investors who are looking

increasingly for the financialproducts which are in harmony with

the principles of the Shariah.

The book Managing Finances - A

Shariah Compliant Way by Omar

Mustafa Ansari is a useful addition

to the available material in this

regard and a valuable guide for all

those who want to manage their

funds in line with the principles of

Shariah. In this book the author has

sufficiently explained the most

proper way of banking operations

and manag ing inve s tment s

according to Shariah.

Employment is also a type of

entrepreneurship in which the

employee renders his services against

a specific return, and accordingly,

It appears to be an

invaluable contribution,

which should go a long

way for people like us in

understanding the

burning topic of our

times.

(Viquar Siddiqui - Ex CEO -

Central Insurance Limited)This is definitely a very

good contribution on the

topic and I am sure, it

will facilitate many

individuals.

(Kamran Wahab Khan -

General Manager - Pakistan

Petroleum Limited)


Book in the Spotlight

About the AuthorOmar is a Chartered Accountant by profession. Presently he is Partner / Head of Islamic Financial Services

Group at Ernst & Young Ford Rhodes Sidat Hyder. Omar has gained professional experience of more than 17

years as partner. His key expertise includes advisory and assurance, auditing, financial reporting, sales tax,investigative auditing, internal controls and mergers etc.

Omar has gained substantial experience in the audit and related services to local and multinational companies

operating in diversified sectors. His area of specialization is providing audit and other services for Islamic finance

industry. The clients he has served / is serving on assurance (including audits) in Islamic finance industry

includes: full-fledged Islamic banks, Takaful companies, Islamic mutual funds and Modarabas.

Besides audit and related services, Omar has acquired diversified experience in

respect of the fields of Islamic finance and banking including Shariah

Compliance inspection manual and operating manual for Islamic commercial

banking and financial institutions.

Omar has been one of the key speakers and trainers for training courses for

Islamic bankers, arranged by the National Institute of Banking and Finance

(NIBAF) - an institute run by the State Bank of Pakistan.

Published by: Time

Management Club

Available at: Fazlee Book

Super Store

Price: Rs. 300/-

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Ask USBy Mufti Ibrahim Essa and Mufti Javed Ahmed

traditional investment deposits and

shares of the companies that peruseShariah-banned activities like

manufacturing of alcohol, swine trade

and dealing in Riba. Among these

financial papers also are shares of

traditional financial companies,

shares of conventional insurance

companies and also such that

originally deals in permissible

activates, yet Riba-based and other

prohibited dealings constitute a

predominant part of their business

activates.

Question:

Is it lawful in Shariah to allocate a

profit of a certain class or period or

portion of the capital for the

institution or the investment account

holders?

Answer:

The method of profit distribution

Question:

Kindly guide us about the Shariah

rulings regarding the mortgage of

financial papers and Sukuk.

Answer:

It is permissible to mortgage the

financial papers and Sukuk which can

be issued and transacted according to

Shariah, such as Islamic Sukuk and

share s o f I s l amic f inanc i a l

institutions. The shares of companies

whose original act iv ities are

permissible can be added to this

category. It is also permissible to

mortgage usufruct-based Sukuk which

represent common shares in the

usufructs of specific assets. It is not

permissible to mortgage financial

papers and Sukuk that are not issued

or transacted according to Shariah

such as interest-based bonds,

preference shares, debentures. Such

financial papers include also

should be well-known so that no

room is left for uncertainty anddispute and it should be in terms of

ratios of the entire profit of the whole

period. Therefore It is impermissible

to allocate within a single pool, the

profit of a specific type or portion of

the capital or assets into which capital

is converted, for one of the parties i.e.

institution and investment account

holder. It is also impermissible to

allocate within a single pool, the

profit of a certain financial period or

a specific transaction for one party,and the profit of another financial

period or a transaction for the other.

Moves and Promotions

Ahmed Khizer Khan New

President & CEO of Burj Bank

Limited

Mr. Ahmed Khizer Khan has

joined Burj Bank as the

President and CEO. His last

assignment was as Chief

Operating Officer of ICD

(Islamic Corporation for

Development of the Private

Sector), Jeddah.

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Islamic Finance Conference

Event Venue: Butterworths LexisNexis, United Kingdom

Event Date: 25 January 2012

International Conference of Islamic Business (Organized by RIPHAH International)

Event Venue: Islamabad

Event Date: Tentatively in the 2nd week of February 2012

2nd National Islamic Microfinance Conference Pakistan 2012

Event Venue: Lahore, Pakistan

Event Date: 4 - 6 February 2012

2nd Annual Islamic Finance Conference 2012

Event venue: London, U.K

Event Date; 27 - 28 March 2012

7th Annual The World Takaful Conference (WTC 2012)

Event Venue: Dusit Thani Dubai, UAE

Event Date: 16 & 17 April 2012

Middle East Islamic Finance & Investment ConferenceEvent Venue: Dubai

Event Date: 18 April 2012

World Islamic Funds Conference & World Islamic Financial Markets Conference

Event Venue: Bahrain

Event Date: 21 & 22 May 2012

World Islamic Banking Conference

Event Venue: 5 & 6 June 2012Event Date: Singapore

World Takaful Conference (Family Takaful Summit)

Event Venue: Malaysia

Event Date: 11 & 12 June 2012

World Islamic Banking Conference

Event Venue: Bahrain

Event Date: 9, 10 & 11 December 2012

Upcoming Events For the Year

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Institution in the Spotlight

Program RecognitionPGD in Islamic Finance is being offered by The Guidance Institute in collaboration with PAF-KIET.

The diploma will be issued by PAF-KIET which is an institute chartered by the Sindh government and

recognized by the Higher Education Commission (HEC) of Pakistan.

The Guidance Institute is the key learning center and executive training division of the Hikmah

Foundation, a non-profit organization established to make a difference in the education field,

leadership development and personal excellence.Who should aim for Guidance PGD?

Guidance PGD is the right platform for you to pursue yourobjectives if you are a:

Banker - determined to switch to the fast growing Islamic

Banking industry.[Fresh Graduate - aiming to start your career in Islamic

Banking & Finance.[Professional - eager to work in Islamic Financial Institutions in

reg ions l ike Gulf & Malays ia/ S ingapore .

Businessman- planning to understand and make use of Islamic

modes of financing to grow their business in a Shariah

compliant way.

Demand for Islamic Banking &Finance qualification6 full-fledged Islamic banks in Pakistan, 12 banks with Islamic windows and 4 Takaful companies need

qualified and trained Islamic finance professionals in all areas of banking and Takaful. State Bank of

Pakistan projects the need for 12,000 additional Islamic finance professionals by 2012. More than

30,000 will be required by the Gulf-based institutions over the next 5 years.

Unique features of Guidance PGDGuidance PGD program is being conducted in collaboration with PAF-KIET. It is designed as a

rigorous and practical-oriented program as per HEC requirements which are in line with the

international post graduate level teaching standards.

Guidance PGD courses are being conducted by renowned and experienced faculty that

comprises of leading Shariah scholars and Islamic Banking & Finance professionals from the

industry.

Guidance PGD founding team includes accomplished Islamic finance professionals and Shariah

scholars who understand the needs of Islamic finance industry.

Post Graduate Diploma (PGD) in Islamic Finance


Program Venue:

The venue for the program is

PAF-KIET city campus28 D,

Block 6, PECHS, Sharah-e-

Faisal, Karachi.

For further details

Write to: [email protected]

ifp - jan 2012

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