Islamic Banking and Finance in Pakistan has showed immense growth in the past few years as the public in general has shown major interest into moving into Shariah compliant laws and regulations. Most existing banks have introduced their Islamic Banking divisions such as UBL, MCB, Standard Chartered, Bank Alfalah etc as well as new banks that are solely based upon Shariah compliant laws such as Dubai Islamic Bank, Meezan Bank and Bank Islami have come out as well and have offered different kinds of Banking and Financial services that are absolutely halal and based solely upon Islamic principles.
On Monday, 1st February 2016, many banking and financial institutions were praised for their excellent performance and services in helping Islamic Banking create a foothold in Pakistan. One of these high achievers was Dubai Islamic Bank which won in the category of Best Islamic Auto Finance for which President/CEO Dubai Islamic Bank, Junaid Ahmed received the award.
Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank UAE (DIB). The parent company DIB is a listed company in Dubai. The Bank has maintained its position as an innovative solution provider to all the financial needs of its customers, in accordance to Shariah. It’s the first Islamic Bank in the world and in Pakistan as well. Aside from providing comprehensive banking services that are absolutely halal and based upon Islamic ideologies and principles, DIBPL takes on the role of both an investor and a facilitator to serve as a catalyst for further Foreign Direct Investment (FDI) in the country. In fact, the Bank is already working closely with a number of UAE based large business corporations such as Dubai Ports, Nakheel LLC, and Emaar. The Bank has also been actively involved in bringing global brands to Pakistan and is honored to act as the sole financial adviser for various global franchises operating in Pakistan.
President of Pakistan, Mr. Mamnoon Hussain graced the event and disbursed the awards to the excellent achievers. Finance Minister Mr.Ishaq Dar got the award for governments support to Islamic Finance and Banking. Mr. Zafar Hijazi, Chairman SECP received the award on his behalf. Mr. Zafar also received an award himself for SECP’s role in supporting Islamic Banking. Mr. Ashraf M Wathra, Governor State Bank of Pakistan, got awarded for best Central Bank for promoting Islamic Banking. Mr. Ghulam Muhammad received the award on his behalf. Deputy Governor State Bank, Mr. Saeed Ahmed was honored with an award for SBP’s support to Islamic Banking. Furthermore, Former Governor SBP Dr. Ishrat Hussain was also awarded for being one of the pioneers of Islamic Banking in Pakistan.
Coming to financial institutions/banks, President Syed Iqbal Ashraf was conferred with award for NBP as the Best Emerging Islamic Bank, President/CEO Meezan Bank Irfan Siddiqui was awarded for Meezan Bank for having the Largest Islamic Bank. It’s important to note here that Meezan Bank is one of those Islamic Banks that have been widely talked about due to the Chairman, Justice (Retd.) Muhammad Taqi Usmani who is a renowned figure in the field of Shariah, particularly in Islamic Finance. He currently holds advisory positions in a number of financial institutions practicing Islamic Banking and Finance.
President /CEO Habib Bank, Nauman K Dar was awarded for Habib Bank’s Best Islamic Window and President/CEO Standard Chartered Bank Shahzad Dada for Best International Bank for Islamic Banking in Pakistan. SCB has been hailed as the best bank in Pakistan when it comes to conventional banking services.
President/CEO Habib Metro Sirajuddin Aziz bagged the award for Best Trade Financing through Shariah Finance and President/CEO Bank Islami, Hassan Mughal got Best Islamic Home Finance. Similarly, Managing Director Al Meezan Investment Company Muhammad Shoaib was conferred award for Best Islamic Funds Manager, Managing Director Pak Qatar Family Takaful Said Gul received award for Best Takaful Company, ECP Sitara Chemicals Mian Muhammad Idrees received award for Best Client of Islamic Finance and Mufti Muhammad Najeeb Khan was awarded for being Leading Shariah Advisor Summit Bank as well as CEO First Habib Modaraba Muhammad Shoaib Ibrhim was awarded for Best Islamic Modaraba Management.