KARACHI: Standard Chartered Bank hosted the third annual ‘Global Shari’ah Majlis’ that offered a unique platform for dialogue and collaboration on the critical intersection of Islamic finance and sustainability, a statement said on Wednesday.
The Global Shari’ah Majlis comes at an opportune time, a few days after Pakistan’s parliament passed a historic constitutional amendment bill that stipulates a complete transition from conventional to Islamic banking before January 1, 2028, with the move aimed at strengthening the legal framework for Islamic banking in the country.
Commenting on the occasion, CEO & Head of Coverage at SCB Rehan Shaikh said, “Today’s event comes at a crucial time for Pakistan as we move closer to the State Bank of Pakistan’s vision of transitioning to a fully Islamic financial system by 2027. Events like these are crucial for our franchise as they not only highlight the importance of Islamic banking but also position the country at the forefront of a global financial transformation.”“With the right frameworks and collaborative efforts, Islamic finance can unlock financial inclusion, economic resilience, sustainability and minimise social equality,” he added.