The Center for Excellence in Islamic Finance (CEIF), Institute of Business Administration Karachi launched a Product Development and Shariah Compliance Forum (PDSCF) with Dr. Akram Laldin of Islamic Shariah Research Academy for Islamic Finance (ISRA), Malaysia as special guest on March 11th, 2016.
Director CEIF, Mr. Ahmed Ali Siddiqui, at the inaugural session highlighted the need for collaboration between industry participants for greater uniformity and standardization of products. He further informed the participants of recent Shariah Board ruling of Meezan Bank which further refined Import Murabaha product and gave a verdict that the transaction should be considered as Import Musawamah as technically banks negotiate rates and do not indulge in physical purchase of dollars.
Dr. Akram Laldin, Executive Director at ISRA, emphasized the importance of not only developing products which are technically in line with Shariah principles but also fulfilling the Maqasid-e-Shariah. He enumerated certain innovative instruments such as SRI Sukuk and Waqf properties backed Sukuk which served the purpose of economic development. He emphasized the need for greater transparency in Islamic FIs working, including the need for publishing Fatwas to ensure economic development
The industry participants from almost all the banks also discuss the product structuring issues. The forum concluded with Dr. M. Imran Usmani presenting his book to Dr.Laldin.
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