President Mamnoon Hussain will inaugurate a roundtable conference on "Islamic banking - Pakistan's potential" on January 15, 2014 in Karachi . The roundtable conference has been convened after getting inspiration from the three-day World Islamic Economic Forum in London where Prime Minister Nawaz Sharif and Finance Minister Ishaq Dar were among other high-profile invitees from the Muslim world, an official said. In addition to State Bank of Pakistan governor, presidents and chief executive officers of all other banks will participate in the conference. The president of Jeddah -based Islamic Development Bank , as well as three leading Malaysian bankers will also attend the event to share their experiences in Islamic banking with their Pakistani counterparts. The official said that the heads of commercial banks will come up with the pragmatic approach regarding introduction of the Islamic banking in Pakistan , keeping in view the ground realities, as the prevalent banking is based on interests. Islamic banking, he said, in the whole world has increased up to $1.6 trillion and Pakistan wants to have a pie out of it by intruding the same. The government seems serious in introducing Islamic banking in the country and to this effect, a 10-member steering committee for the promotion of Islamic banking with Saeed Ahmad , actuary / banker as its chairman and Maulana Mufti Muneeb-ur-Rehman, religious scholar, Muhammad Imran Usmani , religious scholar, Dr Waqar Masood Khan , secretary finance, Munir Kamal , banker, Afaq Khan , banker, Irfan Siddiqui , banker, Atif Bajwa , banker, Mian Muhammad Idrees , industrialist and director of the Islamic Banking Department of the SBP as its members. The committee will formulate comprehensive policy framework for Islamic financial system, suggest practical steps needed to be taken to implement Shariah-based financial system and find out practical ways and means to maximise equity-based financing instead of the widespread debt-based system. The committee will propose solutions for Islamic secondary market / money market for liquidity management, chalk out a roadmap and propose a timeframe for progression of various phases of Islamic banking and study international implications of converting conventional banking into Shariah-compliant banking, the official added.
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