Islamabad, Jan 30: The AlBaraka Forum for Islamic Economy, in partnership with the Islamic Chamber of Commerce and Development (ICCD) and with platinum sponsorship from Al Baraka Bank Pakistan, held a successful 4th AlBaraka Forum Regional Conference on January 28, 2024, at the Marriott Hotel, Karachi. Themed “Sukuk for Sustainable Development: International Best Practices,” the conference explored the transformative potential of Sukuk in driving sustainable economic growth and addressed critical global financial challenges.
Distinguished figures from Pakistan’s financial and judicial sectors, including Mr. Saleem Ullah, Deputy Governor of the State Bank of Pakistan, H.E. Mr. Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan, and Honorable Mr. Justice Syed Mansoor Ali Shah, Senior Puisne Judge of the Supreme Court of Pakistan, contributed valuable insights on leveraging Sukuk for funding development projects with social and environmental impact.
However, Federal Minister for Planning, Development & Reform, Mr. Ahsan Iqbal, and Mr. Zafar Masud, Chairman of the Pakistan Banks’ Association, shared video messages as the chief guests, underscoring the importance of Sukuk as a sustainable financial tool. “Sukuk represents more than just financial instruments; they embody a commitment to ethical development aligned with our values,” said H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy.
The event also emphasized Pakistan’s ambitious steps toward a fully Islamic banking system, with a landmark decision by the Supreme Court setting a precedent for other nations. Notable discussions included Sukuk’s role in financing renewable energy, green infrastructure, and socially responsible projects, aiming to balance profitability with ethical considerations. 
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The conference featured a video presentation titled “Reality of the Sustainable Sukuk Market Globally,” showcasing the evolution of Sukuk from its roots in Muslim societies to its global prominence today. The Government of Pakistan’s successful Ijarah Sukuk issuance of 3.25 trillion rupees was highlighted as a major milestone.
The forum concluded with actionable recommendations for enhancing the transparency and standardization of Sukuk structures, further positioning Sukuk as a key player in global sustainable finance. Ms. Aalia Jafar, Director of International Relations at ICCD, closed the conference, reaffirming the AlBaraka Forum’s commitment to advancing ethical practices and innovation in Islamic finance.
This conference marked a significant step in promoting Sukuk as a powerful tool for fostering sustainable economic growth, offering international best practices and practical solutions for global challenges.
