Karachi: The 4th World Islamic Finance Forum (WIFF), hosted by the Institute of Business Administration (IBA) Karachi, convened at the Mövenpick Hotel under the theme “Islamic Finance: Innovation, Climate Finance & Sustainable Growth.” The event gathered key policymakers, industry leaders, and academicians to explore Islamic finance’s role in fostering a sustainable and ethical global economy.

According to Ministry of Planning Development and Special Initiatives, notable speakers included Dr. Akbar Zaidi, Executive Director of IBA Karachi; Irfan Siddiqui, CEO of Meezan Bank; Akif Saeed, Chairman of the Securities and Exchange Commission of Pakistan (SECP); Saim Ullah, Deputy Governor of the State Bank of Pakistan (SBP); and Ahsan Iqbal, Federal Minister for Planning, Development, and Special Initiatives. A significant highlight of the forum was the signing of a Memorandum of Understanding (MoU) between Dr. Zaidi and Siddiqui to enhance collaboration in research, training, and capacity-building in the field of Islamic finance.

Saim Ullah discussed SBP’s initiatives to broaden Islamic finance, emphasizing the importance of eliminating irresponsible financial practices. He noted challenges in transitioning public debt to Shariah-compliant instruments. Akif Saeed called for innovation, citing fintech’s integration with Islamic finance as a means to enhance financial inclusion and tackle sustainability issues.

Federal Minister Ahsan Iqbal underscored Pakistan’s commitment to climate action, referencing the issuance of the country’s first Green Sukuk and the goal to achieve a 60% renewable energy share by 2030. He highlighted the importance of economic stability, crediting policy consistency and reforms as crucial for national success. Iqbal also addressed economic recovery markers like the Pakistan Stock Exchange reaching a 100,000 milestone and criticized efforts to destabilize the political landscape.

Reflecting on historical and global contexts, Iqbal quoted Allama Iqbal to emphasize the necessity of economic strength for political influence and human rights protection. He concluded with a call for policy consistency to secure a stable future for the next generation.

Dr. Zaidi closed the forum by emphasizing WIFF’s role in bridging ethical principles with innovative solutions to drive global sustainable development. The forum highlighted Green Sukuk, Islamic fintech, and regulatory reforms as pivotal in addressing global challenges.