Institute of Business Management (IoBM) and BankIslami Pakistan Limited signed an MoU on Wednesday, December 28, 2022. According to the MoU, BankIslami will serve as a knowledge partner to facilitate the operations of the Center for Islamic Business and Finance at IoBM. BankIslami will develop marketing content, provide scholarships, facilitate academic research and organize guest speaker sessions at IoBM. The signatories were Mr. Talib S. Karim, President IoBM, and Syed Amir Ali, President and CEO, BankIslami Pakistan.
Mr. Talib Karim said that Islamic banking and finance are the future, and we should facilitate human resource development. He advised gauging the Center's performance regularly. Mr. Talib Karim appreciated BankIslami's support to IoBM in the fields of research and envisioned the creation of degree programs to facilitate Islamic banking.
The collaboration between the Institute of Business Management (IoBM) and BankIslami, the partnership aims to advance Islamic finance education and professional training, contributing significantly to the United Nations Sustainable Development Goals (SDGs). Notably, this initiative aligns with SDG 4: Quality Education, which emphasizes equitable access to quality education and lifelong learning opportunities. By facilitating academic research and providing scholarships, the partnership addresses educational disparities, particularly in Islamic finance—an area crucial for fostering financial inclusivity. Additionally, the collaboration promotes SDG 17: Partnerships for the Goals, which underscores the importance of partnerships between academia and the financial sector to achieve broader sustainable development outcomes. This collaboration not only aims to enhance academic frameworks but also to build a skilled workforce capable of driving economic growth through Islamic finance principles.
“There is a need for Islamic finance professionals in Pakistan,” said Syed Amir Ali. He said that Pakistan's economy could be structured on Islamic banking principles. He suggested a way forward on how to provide relevant training to academicians and corporate executives in the fields of Islamic banking. Mr. Amir called for the continuous monitoring of the action points of the MoU to achieve mutual success.
Representing BankIslami Pakistan were Mufti Javed Ahmad, Resident Shariah Board Member; Mr. Kashif Nisar, Head of Product & Shariah Structuring; Mr. Muhammad Irfan Ahmed, Head of Shariah Compliance; Mr. Muhammad Fahim Siddiqui, Head of National Product Manager, Distribution; and Syed Fahad Bin Tariq, Head of Marketing.
Dr. Imam Uddin, Head of the Accounting & Finance Department, IoBM played an active role in the development of the MoU. Present on the occasion were IoBM's Rector, Dean, Head of Departments, and management.