18 February 2017

IBA Centre for Excellence in Islamic Finance (CEIF) and the Sindh Judicial Academy (SJA) collaboratively organized a three-day intensive learning program at the SJA, Karachi, from February 09, 2017 to February 11, 2017. The training, titled “Principles and Procedures of Islamic Banking and Adjudication of Disputes”, introduced Islamic Banking concepts and processes and was attended by 25 nominated District & Sessions judges and senior advocates of the Pakistan courts.

The training program was inaugurated by the Director General of Sindh Judicial Academy, Honorable Justice Khilji Arif Hussain. The Chief Guest for the event, Honorable Judge of the High Court of Sindh, Justice Munib Akhtar said that the law community shouldered a huge responsibility, and urged them to take some time to properly understand the Islamic Banking framework.

In his note, the Director General of SJA, Justice Khilji Arif Hussain, who presided the whole event, stated that the role of judges in ensuring correct judgments and processes is very important. He said that given that Islamic Banking now existed in 90 countries including Pakistan, this program organized with the help of IBA CEIF is very helpful in gaining a deeper understanding of definition of Riba, legislations regarding Islamic Banking in Pakistan, and of the modes such as Musharakah, Murabaha, Diminishing Musharakah, Salam, Istisna, Ijarah etc.

The speakers included the Director of IBA CEIF, Mr. Ahmed Ali Siddiqui, the Director General of Sindh Judicial Academy, Honorable Justice Khilji Arif Hussain, reputed Shariah scholars of the Pakistan Islamic finance industry, namely Mufti Najeeb Ahmad Khan (Shariah advisor at Summit Bank), Mufti Irshad Ahmad Aijaz (Chairman of Shariah Board, BankIslami) and Dr. Mufti Imran Ashraf Usmani (IBA adjunct faculty and Resident Shariah Board member, Meezan Bank), Mr. Mahmood Shafqat (Additional Director, State Bank of Pakistan) and Senior Faculty member of the Sindh Judicial Academy and District and Sessions Judge Mr. Muhammad Shahid Shafiq.

The program followed a previously signed Memorandum of Understanding, dated November 04, 2016 between IBA CEIF and SJA and a Focus Group session hosted at SJA dated November 10, 2016. The chain of programs emphasized the need for specialized training programs that can help bridge the gap between the judiciary, lawyers and bankers in the Islamic Finance industry, to enable a better understanding of both law procedures and requirements and Islamic Banking concepts, in order to achieve swift and more consistent resolutions in Islamic banking suits.

Dr. Mufti Imran Ashraf Usmani urged participants to review Supreme Court Riba Judgement for further awareness about the details of Riba in Islamic Law.

© Press Release 2017