Bank Alfalah, IMSciences, Peshawar partner up for promotion of Islamic Banking in Pakistan

Bank Alfalah partners with Centre for Excellence in Islamic Finance (CEIF), IMSciences Peshawar for promotion of Islamic Banking in Pakistan

Bank Alfalah, IMSciences, Peshawar partner up for promotion of Islamic Banking in Pakistan

 Karachi, August 22, 2016: Furthering its commitment to provide superior banking services, Pakistan’s leading bank, Bank Alfalah has joined forces with IMSciences, Peshawar to pace up their efforts for development and promotion of Islamic banking in the country. The move has come in compliance with State Bank of Pakistan’s directives and Bank Alfalah’s cherished ambition of sustaining and reinforcing an efficient Islamic Banking system in Pakistan.

Bank Alfalah signed the landmark agreement with the SBP-backed ‘Centre for Excellence in Islamic Finance (CEIF), IMSciences Peshawar’ at Bank Alfalah Learning and Development Center, Karachi. Mr. Saeed Ahmad, Deputy Governor State Bank of Pakistan graced the occasion as the guest of honour. CEO Bank Alfalah Mr. Atif Bajwa and Dr. Karimullah, Head of CEIF inked the MoU. The agreement will function as a gateway to facilitate development and promotion of Islamic Banking through a shared strategic course of nurturing human capital and conducting quality academic research in pertinent fields of knowledge.

Speaking on the occasion Mr. Saeed Ahmad, Deputy Governor SBP appreciated Bank Alfalah for introducing customized learning programs in Islamic Banking and showing unprecedented progress in development of human capital. He highlighted the need for introducing innovative Shariah-compliant products to provide diversified financial services and solutions catering to the needs of different economic tiers of society.

Commenting on the development, Dr. Karimullah, Head of CEIF said: “We appreciate Bank Alfalah’s commitment towards bringing about a purposeful Islamic banking system in the country. It is imperative that businesses liaise with academia and generate inflows of fresh field related knowledge and research which will set new precedents and keep businesses abreast with the fast changing world. We look forward to expanding our venture to fully capitalize on the potential of the newly formed alliance”.

Mr. Atif Bajwa, Chief Executive Officer, Bank Alfalah said in his concluding remarks: “We are extremely pleased to have partnered with CEIF for the development of a progressive and functional Islamic Banking model in the country. This initiative will prove instrumental in promoting Islamic Banking and creating greater awareness of shariah compliant banking in segments of the unbanked population. Bank Alfalah is a strong proponent of Islamic banking and will continue to explore meaningful methods of promoting and sustaining Islamic banking in Pakistan,”

Mr. Faisal Farooq Khan, Group Head, Human Resources and Learning Group, Mr. Ahmed Nauman Anees, Head, Learning and Development Division, Dr. Mufti Khalil Ahmed Aazami, Chairman Shariah Board, along with the Group Heads and other senior officials of Bank Alfalah also attended the event.