Capacity Building Training Workshop on Islamic Finance

Event Report

of Capacity Building Training Workshop on Islamic Finance

in collaboration with State Bank of Pakistan (SBP)

COMSATS Institute of Information Technology (CIIT) Islamabad

November 1-2, 2017 Registration of Participants

Registered participants from various banks and ullemas started arriving at the given time. Members of organizing committee welcomed the distinguished guests and confirmed their registration at registration desk.

Opening Ceremony

The opening ceremony started on Wednesday, November 1, 2017 with the recitation of Al-Quran. Mr Yasir Kundi,Lecturer Department of Management Sciences, recited verses from Al-Quran on the essence of faith in ALLAH TAALHA.

The ceremony was presided by honourable chief guest Prof. Dr. Khalid Riaz, Dean Faculty of Business Administration, COMSATS Institute of Information Technology, Dr. Abdus Sattar Abbasi, Head of Center of Islamic Finance (CIF) and Mufti Irshad Ahmad Aijaz, Chairman Supervisory Board, BankIslami Pakistan Limited.

Dr. Abdus Sattar Abbasi, Head of CIF and Managing Editor CJIF welcomed all the participants and briefed about the activities held at Center of Islamic Finance (CIF).

He told the audience that CIF is serving the noble cause of promoting research, training & development, Shariah advisory and extensive outreach in the area of Islamic finance. Dr. Abbasi also informed about COMSATS Journal of Islamic Finance (CJIF) to the audience.

The chief guest of the event Prof. Dr. Khalid Riaz, Dean Faculty of Business Administration, COMSATS Institute of Information Technology, Islamabad, addressed the gathering. He highlighted the role of Islamic Finance in the context of Pakistan economy and appreciated the role played by CIF in enhancing the awareness about Islamic Finance.

He appreciated the efforts of CIF team in organizing this workshop. He also paid special thanks to State Bank of Pakistan (SBP) in cooperating and facilitating the event. He said that CIF has opened new avenues for the promotion of Islamic finance in the Country and emphasized to arrange such types of events in future.

A large number of Shariah scholars and bankers participated in this training workshop from Islamabad and Rawalpindi region.

The trainer, Mufti Irshad Ahmad Aijaz, Chairman Supervisory Board, BankIslami Pakistan Limited, gave an overview of various modes of Islamic Banking and Finance and anticipated to have fruitful sessions during the two days of training workshop.

Mufti Irshad Ahmad Aijaz opening the training with the introduction of the concept of riba and its prohibition inviting dialogue from the audience.

In coming sessions, Mufti Irshad discussed the banking systems and the Islamic banking in the world and particularly Pakistan. Islamic Law of Contracts, Sale & its types, Concept and types of Khiyars(Options)along with the contemporary non-permissible transactions. The audience participated in the session and inquired about relevant implementation issues in this regard. i Irshad answered these queries in the most professional manner.

The second day session started with the discussion of Islamic mode of financing, that included Mudaraba & Musharaka, Murabaha, Ijarah, Salam & Istisna, Wakala, Kafala, Hawala along with a long list of other related topics. Mufti Irshad covered these topics in a prudent manner striking a balance for knowledge sharing between the ullemas and the bankers alike.

The sessions were fruitful in concept and knowledge building for the audience. The audience reflected their enthusiasm by turning up sharply on time for the sessions on the second day of the workshop and in full strength. It was highly appreciated that none of the sessions were monotonous; rather, they were hailed as vigorous and exciting.

The sessions provided interactive opportunities for the participants during the lunch and tea breaks. The participants enjoyed the breaks with their colleagues and intermingled with others participants. It was observed that many of the bankers and ullemas communicated with each another, and exchanged their views on different topics.

Faculty Block, Office No. 125, M. A. Jinnah Building, Defence Road, Off Raiwind Road, Lahore, Ph: +92 (42) 111001007 Exts: 196 & 125 URL: http://cif.ciitlahore.edu.pk/ email: [email protected] Closing Ceremony After the successful completion of all training sessions, the closing ceremony was held on the second day of workshop in the afternoon. The ceremony was presided by honourable chief guest Dr. Aneel Salman, Head of Department, Department of Management Sciences, COMSATS Islamabad Campus, Dr. Faheem Aslam Associate Head of Department, Department of Management Sciences, COMSATS Islamabad Campus and ]Mufti Irshad Ahmad Aijaz, Chairman Supervisory Board, BankIslami Pakistan Limited. Ms. Aziza Munir Lecturer Department of Management Sciences conduced the closing ceremony.

Dr. Aneel Salman, Head of Department of Management Sciences, COMSATS, Islamabad Campus, paid special thanks to all Shariah scholars and bankers for participating in the workshop. He expressed hope that such endeavours will bring the academia and practitioners of Islamic Finance together. He highly commended the efforts of Department of Management Sciences and CIF team; he heartedly congratulated them in organizing this successful training workshop.

At the end of the ceremony, certificates were awarded to all participants and organizers of the workshop. Mufti Muhammmad Farooq, Sadr Mufti Jamia Fariadia E7, Islamabad presented the shield to SBP Trainer. Mufti Irshad and Dr. Faheem Aslam presented the certificates to participants and organizers.

Capacity Building Workshop on Islamic Finance 1-2 November 2017 by Mufti Irshad Ahmad Aijaz Chairman Supervisory Board: Bank Islami Pakistan Limited Tentative Program Schedule Day # 01: Wednesday, November 1st, 2017 Timing Contents 08:30 am – 09:00 am Registration and Networking Opening Ceremony & 09:00 am – 10:00 am Welcome Address by Honorable Prof. Dr. Khalid Riaz, Dean Faculty of Business Administration, COMSATS Institute of Information Technology 10:00 am – 11:00 am Sources & Objectives of Sharia’ah 11:00 am – 11:30 am Tea Break Prohibitions in Islamic finance (Riba& its Types, Gharar, Qimar etc.) 11:30 am – 01:00 pm Islamic Law of Contracts, Sale & its types, Concept and types of Khiyars (Options) 01:00 pm – 02:00 pm Lunch & Prayer Break 02:00 pm – 03:00 pm Islamic Modes of Financing – Murabaha 03:00 pm – 03:30 pm Tea Break 03:30 pm – 04:30 pm Islamic Modes of Financing – Ijarah

Day # 02: Thursday, November 2nd 2017 Timing Contents 09:00 am – 11:00 am Islamic Modes of Financing – Salam & Istisna 11:00 am – 11:30 am Tea Break 11:30 am – 01:00 pm Islamic Modes of Financing – Mudaraba & Musharaka 01:00 pm – 02:00 pm Lunch & Prayer Break Diminishing Musharaka 02:00 am – 03:00 pm Intermediation modes and Sub modes – Wakala, Kafala, 03:00 pm – 03:30 pm Tea Break Assignment of Debt (Hawala), Sale of Debt etc. 03:30 pm – 04:30 pm Closing Ceremony & Group Photograph

Glimpses of Training Sessions (November 1-2, 2017)

Registration process for the participants

Mufti Irshad delivering the lecture and receiving the shield

Participants of the Workshop

From Right to Left (clock-wise): Ms. Munir announcing candidates for the awards of certificates; Mutfi Irshad, Dr. Faheem and Dr. Abdus Sattar Abbasi giving the certificates to a participant; group photo of the student ushers with Dr. Abdus Sattar Abbasi and faculty.

Group Photo of the Participants of the Workshop with Prof. Dr. Khalid Riaz, Dean Faculty of Business Administration, CIIT

Break Time: Lunch and Tea

Organizing Committee of CIF Workshop at CIIT Islamabad Campus

List of Faculty Organizers

1. Dr. Abdus Sattar Abbasi Head CIF/Managing Editor CJIF 2. Dr. Usman Ayub Assistant Professor 3. Dr M. Khalid Sohail Assistant Professor 4. Dr. M. Aamir Khan Assistant Professor 5. Dr Nabila Khurshid Assistant Professor 6. Dr M. Irfan Assistant Professor 7. Mr. Shahid Iqbal Assistant Professor 8. Ms Nuzhat Falki Assistant Professor 9. Mr. Shahid M Sargana Assistant Professor 10. Mr Aamer Waheed Satti Assistant Professor 11. Ms Zainab Ahsan Lecturer 12. Ms Aziza Munir Lecturer 13. Ms Anum Moazzam Lecturer 14. Ms Natasha Hamdani Lecturer 15. Mr Usman Ghani Incharge Personnel 16. Ms Shuimaila Owais Program Officer 17. Mr. Sheikh Sahaab Naib Qasid

Student Ushers

1. Muhammad Hamza Imtiaz FA15-BBA-038 2. Hassan Khalid FA15-BBA-037 3. Shayan Satti FA15-BBA-009 4. Shahnawaz Karamat FA15-BBA-027 5. Saad Ahmed Jan FA15-BBA-079 6. Shahwaiz Moin FA15-BBA-004 7. Mudassir Ali FA15-BBA-042 8. Ehtisham Akhtar SP14-BBA-059 9. Mohammad Awais SP14-BBA-032 10. Hamza Imtiaz SP14-BBA-083

Support Staff Mr. Shaikh Shahab Uddin

Daily Pakistan Observor Daily Country News 07-11-2017 07-11-2017

Daily Ausaf 07-11-2017

Daily Times Daily Naw-e-Waqt 07-11-2017 07-11-2017

Workshop appraisal forms will distributed on second day to ullemas and bankers after lunch break. Both Urdu and English versions of forms were available. The workshop showed average ratingof “Excellent” and “Very Good”. Only Audio Video Quality got an average rating of“Good”.Overall, the evaluation showed an average rating of “Very Good”.

Poor Satisfactory Good Very Good Excellent 1 2 3 4 5

Average Score

Program Objectives 5 Program Contents 4 Overall Design of Program 4 Delivery Style of Trainer 5 Subject Knowledge of Trainer 5 Mode of Training i. Participative 4 ii. Case Studies 4 iii. Presentations 5 iv. Other (Please Specify) 5 Audio Video Quality 3 Program Timings 4 Program Duration 4 Use of Information 4 Breaks 5 Food /Meal 5 Program resulted in new Knowledge or skill 4 My Understanding of the area enhanced 5 Over all evaluation 4

Faculty Block, Office No. 125, M. A. Jinnah Building, Defence Road, Off Raiwind Road, Lahore, Ph: +92 (42) 111001007 Exts: 196 & 125 URL: http://cif.ciitlahore.edu.pk/ email: [email protected] Annexure VI LIST of BANKERS Bank Contact S.No Name Designation Email Name No Takaful Executive Pak Qatar 0332- [email protected]. 1 Irshad-Ul-Haq Consultant Takaful 8542185 pk Muhammad Asif Manager Pak Qatar 0300- 2 [email protected] Bajwa Operations Takaful 5122962 Jawad Mehmood Pak Qatar 0345- [email protected]. 3 Deputy Manager Malik Takaful 5196985 pk 0333534 4 Noman Haider BDO ABL [email protected] 3132 Muhammad 5 Vice President ZTBL AzharJaved VP/Unit Incharge, 6 Ghulam Raza Khan ZTBL Credit Admin Deptt AVP, Human 3335106 7 Zulfiqar Ali ZTBL [email protected] Resource Opration 930 AVP, Liab. 8 ZubairUlHaque ZTBL Marketing Deptt Mohammad Kamran OG-l/Unit 9 ZTBL Rafique incharge, 10 SardarShaukat Habib SME Bank AshfaqAhmeed 11 SME Bank Bukhari 0305750 12 Aqsa Anum BDO ABL [email protected] 0245 0331- 13 Suleman Shah Credit Officer SME Bank [email protected] 5666674 0303- [email protected] 14 Husnain Raza MTO 6576855 m 0333- 15 Raja Imtinan Credit Officer SME Bank [email protected] 8657861 16 Lateef Khan Incharege Recovery SME Bank [email protected]

17 Fahar Muhammad Bilal Habib 0321 18 Branch Manager bilal.khan@habibmetro.com Khan Metro 5822848 Muhammad Babar Area Manager Habib 0321 [email protected] 19 Khokhar Credits Metro 9557399 om 20 HafeezUd Din 0321 21 SaherQazalbash Manager Marketing [email protected] 9023996 Habib 0336 [email protected] 22 Mr Usman Ayub Branch Manager Metro 0606060 m 23 NayyarAskari

24 M. Anjum Fareed Manager Cash Mgt saima.iqbal@Silkbank.com.p 25 Samia Iqbal Silk Bank Operations k 26 Salma Zeb

27 Saleem Ahmad

28 M. Ayaz Hassan

29 Sohail Altaf

30 Fazal Uddin

31 Hassan Mushtaq

32 M. Bilal Chisti

33 ShafqatUllah 2333510 34 Aqeel Aziz Branch Manager MCB 9770 Bank Al 0333- Masood.rehman@bankalhabi 35 Masood Ur Rehman Assistant Manager Habib 5289223 b.com Syed Ahmed Ali Assistant Manager Bank Al 0332- Ahmed.hassan@bankalhabib. 36 Hassan Zaidi (MTO) Habib 1967042 com Bank Al 37 Nasir Ali Khan Habib HBL Bank 0321- [email protected] 38 Imran Younas Branch Manager Ltd. 5069801 m Regional Audit Meezan 0333- qaiser.mehmood@meezanba 39 Qaiser Mehmood Manager bank 8244771 nk.com Meezan 0300- 40 Falak Zeb Branch Manager [email protected] bank 9737352 Meezan 0321- 41 Adnan Ahmed Khan Branch Manager bm.rwp27@meezanbank bank 8518597 Meezan 0304- [email protected] 42 M. Haroon Muzaffar Branch Manager bank 0920885 m Meezan 0346- 43 ChAsim Hameed Branch Manager [email protected] bank 8200630 Meezan 0300- [email protected] 44 Ahmed Shoeb Raza Branch Manager bank 5146838 m Meezan 0321- [email protected] 45 Naveed Gul Branch Manager bank 5009550 m Meezan 0345- Zulqarnain.haider@meezanb 46 Zulqarnain Haider PDSC-North bank 0555222 ank.com Muhammad Meezan 0321- [email protected] 47 PDSC-North UmerGorsi bank 5067066 m Regional Credit Meezan 051- [email protected] 48 AmjadAyub Khan Head Bank 2272906 m Meezan 051- 49 Arif Aslam Khan Area Manager [email protected] Bank 5120375 Meezan 3345022 [email protected] 50 Syed Sarwar Hassan Branch Manager, Bank 697 m Askari 3324197 [email protected]. 51 KashifRazi Branch Manager Bank 725 pk Askari 52 Dilawar Khan Bank 3335581 53 Majid Javed Khan Branch Manager NBP [email protected] 525 3367278 54 Shahzad Ahmad VP/Manager CAD NBP shahzad.ahmad02@nbp 877 3005325 [email protected] 55 Imtiaz Hussain AVPAIBB NBP 969 om 3345358 56 Nawab Ali Shah AVP/Manager NBP [email protected] 263 Regional Manager 3215863 57 Zia Ahmed NBP [email protected] Operations 041 Raja Muhammad 0333- 58 Branch Manager NBP [email protected] Shakeel 5169195 3004003 59 FarrukhMumtaz Branch Manager ABL [email protected] 235 Banking Services 3465386 60 Saqib Nadeem ABL [email protected] Manager 648 3000305 61 Shah Faisal BSM ABL 125 0300- 62 Murad Ameer Shah Branch Manager ABL [email protected] 9562792 3454516 63 M. Ismail BSO ABL 160 Associate Manger 3345536 64 Ahmed Zoheb Raza ABL [email protected] Training HRG 094 0331- muhammad.faisal4878@ban 65 M. Faisal Siddiqui ASM BankIslami 5579852 kislami.com.pk 0333- 66 Fraz Riaz HSM-Full Services BankIslami 0322677 0310- 67 Abdul Haseeb BE-Muskun BankIslami 1891577 0331- 68 Muhammad Ali TL-Muskun BankIslami 5580370 0333- 69 Nasir Javed BE-Muskun BankIslami 1209573 0333- 70 Waleed Ahmed BE-Muskun BankIslami 0307381 Additional 71 Mr. SajidRasool [email protected] Treasurer 72 Mr. Sajid Gill Asst. Treasurer [email protected]

LIST OF ULLEMA

S No. Name Affiliation Contact

1 Maulaana Abdul Basit Al-Kousar Masjid, CBR Town 3335647167

2 MaulaanaAteeqRehman Khateeb, Masjid Noor ul Haram, Isb 3005006319 3 Maulaana Bilal Zafar Al-Rehman Masjid, PWD 3325546858

4 MaulaanaHaneef As-HaabaSaffa Islamic Centre, Korang Town 3485919826

5 MaulaanaKhaleel Ahmed Jamia Masjid, F11/1

6 Maulaana M. Riaz Usmani Jamia Masjid, Madrassa Khateeja, Akbari Ghar 3335614837

7 MaulaanaQaari Khalid Ahmed KhateebMarkaziJamia Masjid, Chakri Road 3005315906

8 Maulana Abdul Basit JamiaMohammadia 3454913758

9 MaulanaAnayatUllah JamiaFaridia, E7, Isb 3470220440

10 Maulana Bashir Ahmed JamiaFaridia, E7, Isb 3451885103

11 Maulana Hafiz Shahid Iqbal Madrassa, Iqra Quran Education Academy 3125498753

12 Maulana Irfan Fazal Masjid Kalfa-ur-Rashdeen, Isb 3215601660

13 Maulana M. Arslan JamiaFaridia, E7, Isb 3120057496

14 Maulana M. Bilal 09 NPF, Masjid Bilal, National Police Foundation 3215875501

15 Maulana M. Hassan JamiaMohammadia 3126266687

16 Maulana M. Idress Jamia Masjid, F10, Isb

17 Maulana M. Khalid JamiaMohammadia 3080053081

18 Maulana M. Nawaz JamiaMohammadia 3418957851

19 Maulana M. Tanzeem JamiaFaridia, E7, Isb 3485055020

20 Maulana M. Zubair JamiaFaridia, E7, Isb 3436787151

21 Maulana Mufti M. AsimShiekh Dar UlIslamia, Isb 3345111837

22 Maulana Mufti Musharraf Baig Jamia Masjid, F10, Isb

23 Maulana Noor Saeed JamiaFaridia, E7, Isb 3449885512

24 Maulana Saddam Hussain JamiaFaridia, E7, Isb 3060954700

25 Maulana Saeed Majeed JamiaMohammadia 3059543810

26 Maulana Shah Hussain JamiaMohammadia 3458985866

27 MaulanaShuja Uddin JamiaMohammadia 3149414622

28 MaulanaSuleman Khan JamiaMohammadia 3219752393

29 Maulana Syed Umar JamiaFaridia, E7, Isb 3485540260 30 Maulana Umar Jamal JamiaMohammadia 3088121902

31 Maulana Usman Ali JamiaMohammadia 3345851919

32 MaulanaWaliUllah JamiaFaridia, E7, Isb 3152101667

33 Mufti Abdul Rehman Jamia Masjid, F11/1

34 Mufti Abdus Salaam Jamia Masjid, F11/1

35 Mufti AhsaanUlHaq Naib Raees, DarulAfta, Lal Masjid 3015234563

36 Mufti Akbar Ali Muawan Mufti, DarulAfta, Lal Masjid 3445255397

37 Mufti Dost Mohammad Khateeb, Wapda Staff Colony 3345211313

38 Mufti Farooq JamiaFareedia, E-7, Isblamabad

39 Mufti Hafiz Waqas Director, Wisdom School of Quran Sciences 3035477473

40 Mufti Jehanzaib JamiaFareedia, E-7, Isblamabad

41 Mufti KafayatUllah JamiaFareedia, E-7, Isblamabad

42 Mufti M. Siddiq Muawan Mufti, DarulAfta, Lal Masjid 3335375380

43 Mufti M. Tufail Rehman Masjid, Isb 3335141413

44 Mufti Mehmood JamiaFareedia, E-7, Isblamabad

45 Mufti Rashid Abbasi Bilal Masjid

46 Mufti Saif Uddin Raees Dar, Al-Insha, Jamia Masjid, Isb 3005055203

47 Mufti Salah Uddin JamiaFareedia, E-7, Isblamabad

48 Mufti Tahir JamiaFareedia, E-7, Isblamabad

49 Mufti Tajammal Mohammadi Masjid, Sowan Garden 3335049964

50 Mufti Tariq JamiaFareedia, E-7, Isblamabad

51 Mufti TehseenUllah Muawan Mufti, DarulAfta, Lal Masjid 3003492101

52 Mufti Wajid Abbasi Bilal Masjid

53 Mulaana Moazzam Ali Jamia Masjid, F10, Isb

54 Mulvi Abdullah Madrassa, Dar Ul Huda, Golra Station 3159247633

55 MulviCareemUd Din Madrassa, Dar Ul Huda, Golra Station 3405134705

56 Mulvi Kamran Madrassa, Dar Ul Huda, Golra Station 3075482185 57 Mulvi M. Nishaad Madrassa, Dar Ul Huda, Golra Station 3411159772

58 MulviNaeemUllah Madrassa, Dar Ul Huda, Golra Station 3125431326

59 M Usman Masjid - Fareedia 3051242427

60 Mufti Abdul Mannan

61 ObaidUllah

62 QariFida

63 Dr. Inayat

64 M. Yaseen

65 IkramUllah

66 Dr. M. Ilyas

67 M . Abdul Qudous