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Special Supplement SPECIALng & Finance SUPPLEMENT Islamic Banki VOL 3 | ISSUE NO 19 SPECIAL HONORARY AWARDS “LIFETIME ACHIEVEMENT AWARD” Rtd. Justice Ash-Sheik Mufti Muhammad Taqi Usmani, Executive Member and Chairman of the Sharia Board of AAOIFI and a former member of the Sharia Appellate Bench of the Supreme Court of Pakistan “SERVICE EXCELLENCE IN ISLAMIC FINANCE” State Bank of Pakistan In recognition of the contribution made, especially to startups, in the IBF Industry all over the world, by the dissemination of information on a free to view public website that many institutions in South Asia would have availed of. “LEADERSHIP IN ISLAMIC FINANCE” Mr Mohammed Kateeb, Group Chairman & CEO, Path Solutions, Kuwait In recognition for the leadership provided to one of the trailblazers in Information Technology germane to the IBF Industry “SERVICE TO HUMANITY” Mr Mushtaq Chappra, Founder and Chairman, The Citizen’s Foundation, Pakistan In recognition of the immense contribution to society as a whole, specifically the work done by TCF, which was founded and is currently chaired by Mr Chhapra, to providing education to children who may have otherwise been denied this basic right in Pakistan. “CONTRIBUTION TO THE GLOBAL HALAL INDUSTRY” Rushdi Siddiqui, Co-Founder & CEO, Zilzar Tech, Malaysia In recognition of the services rendered to the global Halal Industry encompassing Islamic Finance, Halal Friendly travel and Islamic lifestyle. A true friend to the Industry straddling all the continents Special IBF Supplement HONORARY AWARDS Dr. Shariq Nisar, Director, Octaware Dr Aishath Muneeza, Chairman, Maldives Technologies Ltd., India Centre for Islamic Finance, Maldives In recognition for the contribution to the IBF Industry in India In recognition for the contribution to the IBF Industry in the over a period of one and a half decades. Considered by his Maldives, being involved in some of the major initiatives in peers to be one of the catalysts in the development of the the industry, including the honorary work that has benefited industry to what it is today individuals and institutions alike. Mr Irfan Siddiqui, President & CEO, Mr A I Marikar, Member, Advisory Meezan Bank, Pakistan Board of AAFI, Sri Lanka In recognition for the contribution to the IBF Industry in Sri In recognition for the contribution to the IBF Industry in Lanka, not just as the CEO of the first fully fledged IFI but Pakistan, following the setting up of Meezan Bank which has continuing to assist the industry following his retirement, grown to be the largest Islamic Bank in Pakistan extending to the development and teaching of the IF courses in specialised degree courses designed by him Mr Osman Kassim, Chairman, Amana Bank, Sri Lanka In recognition for the contribution to the IBF Industry in Sri Lanka, considering to many to be the visionary of the IF industry in Sri Lanka. A true pioneer COMPETITIVE Country Awards DEAL OF THE YEAR PRODUCT OF THE YEAR Sri Lanka Sri Lanka “Flexi Term Investment Account” SILVER AWARD HNB Al Najah : Syndicated SILVER AWARD by Amana Bank Diminishing Musharakah facility to Muvumbe Hydro U Ltd for the Hydro power project in Uganda by AL NAJAH. “Deergayou Retirement Plan” by GOLD AWARD Amana Takaful Life Pakistan GOLD AWARD Amana Bank : Financing Fortune Agro Industries (Pvt) Ltd to set up the Sri Lanka’s largest “Meezan Gold Fund” – Al Meezan livestock feed mill by Amana Bank PLC GOLD AWARD Investment Management Limited SERVICE PROVIDER OF THE YEAR SOCIAL UPLIFTMENT Sri Lanka Sri Lanka GOLD AWARD First Global Academy BRONZE AWARD Amana Takaful Life TECHNOLOGY PROVIDER OF THE YEAR SILVER AWARD Muslim Aid, Sri Lanka India Al Falaah, Islamic Business Unit of GOLD AWARD LOLC Finance GOLD AWARD Octaware Technologies Ltd EDUCATION PROVIDER OF THE YEAR ADVISORY SERVICES PROVIDER OF THE YEAR Maldives India CMDA Institute of the Capital TASIS - Taqwaa Advisory and GOLD AWARD Markets Development Authority GOLD AWARD Shariah Investment Solutions (Pvt) Ltd Pakistan Pakistan AL Huda Center of Islamic Banking Meezan Bank GOLD AWARD & Economics GOLD AWARD Special IBF Supplement RISING IF PERSONALITY OF THE YEAR MICRO FINANCE COMPANY / PROJECT OF THE YEAR Sri Lanka Muhammed Abdulla Ifath Zuhry of India BRONZE AWARD ARIJ, RICHARD PEIRIS FINANCE LTD Bait-un-Nas’r Urban Co-Op Ms Fatima Sarah Afker of GOLD AWARD Credit Society Limited SILVER AWARD BDO PARTNERS Pakistan Muhammad Nadheer Muhammad GOLD AWARD Siddeeq – AL-FALAAH TAKFUL – GOLD AWARD Meezan Upaisa by Meezan Bank LOLC GENERAL INSURANCE LTD TURNAROUND ENTITY OF THE YEAR CAPITAL MARKETS SERVICE PROVIDER OF THE YEAR India India Bait-un-Nasr Urban Co-Op GOLD AWARD Credit Society Limited TASIS- Taqwaa Advisory and Shariah GOLD AWARD Investment Solutions (Pvt) Ltd Maldives Pakistan SILVER AWARD Maldives Hajj Corporation Ltd GOLD AWARD Meezan Bank GOLD AWARD HDFC Amna EMERGING IF ENTITY OF THE YEAR ISLAMIC FINANCE Sri Lanka BANK / ENTITY BRONZE AWARD Arij, Richard Peiris Finance Ltd. OF THE YEAR SILVER AWARD Amana Takaful Life Ltd Sri Lanka GOLD AWARD NDB Shareek BRONZE AWARD HNB Al Najah Al Falaah, Islamic Business Unit of TAKAFUL INSTITUTION OF THE YEAR SILVER AWARD LOLC Finance Maldives GOLD AWARD Amana Bank GOLD AWARD Amana Takaful (Maldives} Bangladesh TAKAFUL WINDOW / UNIT OF THE YEAR GOLD AWARD Union Bank of Bangladesh Maldives Maldives Ayady Takaful - Allied Islamic GOLD AWARD Window GOLD AWARD Maldives Islamic Bank Pakistan Pakistan Al Meezan Investment Meezan Bank GOLD AWARD Management Ltd GOLD AWARD REGIONAL AWARDS ISLAMIC FINANCE EDUCATION PROVIDER OF THE YEAR FOR SOUTH ASIA Ethica Institute of Islamic Finance, Dubai, UAE ISLAMIC FINANCE TECHNOLOGY PROVIDER OF THE YEAR FOR SOUTH ASIA PATH Solutions, Kuwait Special IBF Supplement By Sarah Afker The inaugural Islamic Finance Forum of South Asia (“IFFSA”) was held on The keynote by Dr. Sally was centered on the economic state of play and 26th and 27th of July 2016 at Hotel Ramada, Colombo. The Conference was prospects of South Asia. As per the macro indicators of South Asia compared chaired by Mr. Rushdi Siddiqui (Co-Founder and Chief Executive Officer to East Asia and the rest of the world, the SA region only accounts for 2.89% – Zilzar Tech Sdn. Bhd, Malaysia) with senior economist Dr Razeen Sally of World Trade while East Asia accounts for 29.96% of World Trade. On (Director - European Centre for International Political Economy (ECIPE), Inward FDI, South Asia only attracts a miniscule 12.35% as opposed to Singapore) delivering the Keynote Address while Mr. Ishrat Rauff (Group East Asia’s 87.65%.This is despite India now growing at 7.5%, compared MD/CEO, Adl Capital) delivered the welcome address. to 5% previously, which is faster than China in terms of growth. However, on the regional economic integration in Asia, the South Asian region has The two day forum comprised nine panel discussions featuring industry an insignificant share of Asian and world trade. He commented that the experts from India, Pakistan, Bangladesh, Maldives, United Arab Emirates region has hardly inserted into global supply chains and perhaps is the most and Sri Lanka. In addition to the panel discussions, the forum had a first mal-integrated region in the world. Some of the key reasons being big tariff of its kind; A One on One with Industry Pioneer, Mr. A I Marikar. The and even bigger non-tariff barriers, poor cross-border infrastructure, light presentations included “Multi Currency listings on the Stock market” by bilateral FTAs and SAFTA and the Indo-Pak political obstacles leading Mr. Rajeeva Bandaranaike (CEO, Colombo Stock Exchange), “The to lack of growth regionally. Commenting on the Sri Lankan economy, Thematic Convergence of ESG, Ethical and Shariah compliant funds” Dr. Sally stated that the post war peace dividend has not had the desired by Mr. Arif Sultan (Regional Director - Asia Pacific, IdealRatings Inc. impact on economic growth, or at least not to the extent that was expected. Singapore) and a Country Presentation on India by Dr. Shariq Nisar (Director - Octaware Technologies Ltd., India). Mr. Ravi Abeysuriya also Following the keynote address by Dr. Sally, the plenary sessions discussed addressed the august gathering in his capacity as the President of AAFI, Sri a wide variety of topics, deliberated on by experts from across the region. Lanka. These include the Challenges facing IF in South Asia, along with the considerable opportunities (including cross-border) that the single In his Opening Remarks, Rushdi Siddiqui spoke about the Headwinds and largest bloc of Muslims in the world represents, creation of a more vibrant Tailwinds of Islamic finance. He noted that the Oil Prices, Islamic Finance debt market for IF products such as Sukuks, Human Capital, Islamic Hubs, Entry and Exits of players, Innovation, Disruption and Consolidation Microfinance, the Impact of Technology, the Halal Lifestyle market and were among the key facets that impact the global Islamic finance industry. He how it impinges on IF, and the evolution of Capital Markets. There were stressed that there is enormous potential for IBF Digital and Social media also an illustrious group of eminent personalities from Pakistan and the platforms. While adding on the tailwinds especially on Consumerism, Maldives, discussing the progress that these countries have made in the he added that there is a vast Muslim Lifestyle Marketplace which is being IBF space in separate country sessions. Areas that have excited the markets catered to by the virtual world especially the Chinese. He also opined that such as Social Media, Crowdfunding were also topics that were debated on Iran, with access to USD 50 billion, has a huge market potential, especially during this two day event. given the recent lifting of embargos. Siddiqui further emphasized that there are 4 Pointers for a Knowledge Based Economy - Access to Capital, Empowering Women, Identifying Youth & Entrepreneurs and Risk capital availability.
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