Event Report of Capacity Building Training Workshop on Islamic Finance in collaboration with State Bank of Pakistan (SBP) at 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. 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] Capacity Building Training Workshop on Islamic Finance Sessions 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. 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 I 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 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 II 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 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] Certificate Award Distribution Ceremony 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 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 III 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 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 IV Media Coverage of Capacity Building Workshop on Islamic Finance 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 Faculty Block, Office No.