Karachi, April 26, 2014 (PPI-OT): Mr. Naeem Qureshi, Chief Executive, Islamic Finance Expo and Conference (IFEC)
Mr. Mehmood Tareen, Program Director, Islamic Finance Expo and Conference (IFEC)
Representatives of Banking, Investment, Corporate Professional Sectors, Senior Government Officials,
Representatives of print and electronic media,
Ladies and Gentlemen
It is indeed a great honour and privilege for me to attend and address the concluding session of this important Event, which has been arranged by Islamic Finance Expo and Conference (IFEC-2014) under the theme of “TOGETHER CREATING AWARENESS”.
Before initiation of my speech, I would like to express my sincere thanks to the Organizers of this Event and highly appreciate their efforts in creating awareness among the people on the “Growth of Islamic Finance Industry with its Strategic Outlook” in the country, which is the important need of the time to do work on this issue particularly in accordance with the teachings of Islam.
Being a President of Karachi Chamber of Commerce and Industry, I take the opportunity to enlighten you about this organization, which is committed to promote trade and industry in Karachi and elsewhere for the socio-economic development of Pakistan. The role of Karachi Chamber in the industrialization and employment generation is unmatched and unsurpassed.
The Karachi Chamber being the premier and largest Chamber of Pakistan having over 19000 members, extending affiliation to 7 Industrial Town Associations of Karachi, is enthusiastic to play a constructive and leading role in strengthening the foundation of the business community to effectively meet the challenges of today and tomorrow while maintaining its distinction amongst the top ten chambers of the world and leading Chamber in the Sub-continent.
I would like to apprise you that the Islamic banking industry in Pakistan has been growing at an impressive annual growth rate of over 30% over the last five years with sustained growth momentum, despite significantly increased base.
In fact, the Islamic banking industry has been growing faster than its conventional counterpart for the past couple of years. The Islamic banking industry’s asset base grew by a handsome 21.2% in 2013 to reach the PKR one trillion mark. The share of Islamic banking in the overall industry also went up from 9.5 to 10.1% in 2013.
Islamic banking is currently spread across 80 districts of the country with a network of 1,200 branches offering Shariah-compliant products and services. Islamic banking assets presently constitute almost 10% of the overall banking system in the country, while in terms of deposits the share is above 10%.
Pakistan’s share in the total global Islamic banking and finance industry is the lowest at just 2%, while Malaysia enjoys the biggest share of 91% and the rest is held by Middle Eastern countries
One of the key challenges that SBP faces is to penetrate deeper into the promising but least-exploited sectors of the economy. In this regards, the SBP will need to work hard for developing Agri-Finance products and reach out to rural Pakistan. In case of SME’s Islamic Banks must double their pace of lending, because SMEs currently get just 5.1% of their total financing requirements.
While concluding my speech, I would like to pay my sincere gratitude to the efforts made by the Organizers of this Conference in these two days as well as to senior bankers, and corporate professionals for giving their valuable advices for creating awareness among the masses for the growth of Islamic Finance industry with its strategic outlook. Islamic banks, Conventional Banks, Takaful, Asset Management Companies, Modarbah and Academia all are part of this conference and deserve to receive deep sense of appreciations.
I am sure that their concentrated efforts will prove milestone in achieving the desired objectives for the growth of Islamic Banking in Pakistan for the benefit of the masses. Being a President of Karachi Chamber, I assure full cooperation and support to the organizers of this conference and appreciate them in their laudable task.
Thank you all of you.
For more information, contact:
Director Press/ Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Email: firstname.lastname@example.org, email@example.com
Office: +92 99218001-09
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