First HABIB METRO Sirat Islamic Banking Summit held in Karachi - Press Release issued by Habib Metropolitan Bank Limited.

Karachi -- January 18, 2023 (PPI-OT)

Following is the text of press release issued by Habib Metropolitan Bank Limited

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HABIBMETRO Sirat - The Islamic banking brand of HABIBMETRO Bank, organized the first HABIBMETRO Sirat Islamic banking summit which was attended by various stakeholders including SBP, PSX and SECP officials as well as CEO's and Shariah Board Members of various banks, Shariah scholars, and businessmen.

The Summit was held in honour 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 and 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 by Ms. Sima Kamil, Deputy Governor, 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 on 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...