The first day of the summer school was launched by Mr. Adnan Malik, IMSciences lecturer with the recitation of the Holy Quran. A welcome address was delivered by Dr. Shafiullah Jan, CEIF Director and Full Associate Professor, IMSciences.
He welcomed all speakers and participants on behalf of CEIFIMSciences. Dr. Shafiullah Jan spoke briefly about the background of CEIF, introduced the team members and discussed the session plan, programs introduced at IMSciences, publications and advice in different projects.
The second session was attended by Mr. Umer Iqbal Sheikh, Group Head of Taqwa Islamic Banking, The Bank of Punjab. Mr. Umer discussed the impact of leadership in strengthening Islamic banking. Mr. Umer shared Concept of leadership in general and its relationship and importance in the banking industry.
Furthermore, he also highlighted its importance in Islamic banking. He concluded his session informally by guiding and encouraging participants to explore Islam and its role in business.
A group photoshoot was done for all attendees and tea was served. Participants had the opportunity to socialize with other participants.
The next session was opened by Dr. Karimullah, Full Associate Professor and member of the CEIF team. Dr. Karim shared the concept of gold banking as a case of Turkiye Banking. Dr. Karim briefly discussed the idea of gold banking, its operationalization, accounting treatment and reporting, AAOIFI standards, treasury regulations and cash conversion.
From the perspective of Islamic banking, the gold deposit, Ijarah gold and gold bonds as well as how the jewelry industry can establish its own bank. Dr. Karim also highlighted why participation in the gold bank is important for Pakistan.
The fourth session of the day was led by Mr. Syed Sitwat Rizvi, Head of Shariah Compliance and Secretary, Shariah Board, Dubai Islamic Bank Pakistan Limited. Its objective was to suggest how to use cases of blockchain technology in Islamic banking products.
Additionally, how Islamic banks can leverage the trust placed in blockchain technology by the general public to help build their trust in the Shariah authenticity of Islamic banking products.
He introduced blockchain as a concept, its essential elements, the similarities between Islamic finance and blockchain, and the 7 main use cases of blockchain in Islamic banking and finance. After prayer and lunch break, Mr. MuftiQazi Javed Ahmed, RSBM BankIslami shared Non Shariah Compliant Risk Management in Light of Islamic Commercial Paper.
After briefly introducing himself, he started with Shariah compliance and the management instructions of the SNCR – IBD Circular. Mufti Javed Ahmed discussed the risk of Sharia non-compliance, with regards to Islamic banking products such as Murabaha, Diminishing Musharakah, Salam/Istisna, Investment Banking, Pool Management, Treasury Acceptance, Import & Export, etc.
The last session was presented by Qazi Abdul Samad, RSBM The Bank of Khyber. His presentation focused on the Riba FSC decision. He opened his session with a question “Why is Islamization important for Pakistan?” He ensured maximum audience participation by continuing to ask questions and involving participants in the discussion. He presented the history of Riba cases in Pakistan through the Supreme Court.
The main guest of the event was Dr. Ishrat Hussain.